All mortgages are provided to our Trust Company – SCFL Nominees Limited – with these mortgages held on behalf of each and every investor in those particular loans. These mortgages can not be used for any other purpose or for the benefit of any investor not participating in that particular loan.
All securities and documentation is prepared and checked by our solicitors, and are executed by the borrowers, in conjunction with their own solicitors. Sample loan agreements can be viewed here for Regulated Loans and here for Non-Regulated Loans. All of our loans are secured by Registered Mortgages, and a sample of the document associated with this type of security can be viewed here.
Our solicitors have the authority to discharge any securities, on the proviso that loans are fully repaid (or repaid to a lesser amount as agreed between us and the Borrower if the Borrower is in default and we decide it is prudent to accept a lesser amount).
Southern Cross Partners does not normally obtain the following documents or reports:
- LIM Report
- Pre-purchase Report
- Building Report
- Water-tightness Report
- Meth (or other drug) testing Report
- Structural Assessment
- Physical Site Visit
Where we do obtain any of the above, this will be disclosed in the ‘Other Information’ section, together with a summary of their findings.
At times, Southern Cross Partners may provide a loan for a larger amount than we are prepared to offer to our investors. When this occurs, we will execute a ‘Deed Recording Priority Arrangement‘, which ranks your investment ahead of any amount subordinated, in the same fashion that a First Mortgage ranks ahead of a second mortgage. When this occurs, it will be disclosed in the ‘Other Information’ section of the relevant investment listing.