Allco Max Securities has advised the market that CRC Bridge Street, which breached its loan to value ratio required under the loan provided to CRC, has now defaulted on its loan. Max Realty, which is funded by Allco Max Securities, provided the loan to CRC.
CRC is part of Record Realty Trust Properties, which commenced an asset realisation program at the start of 2008.
Allco has directed Max Realty to inform CRC of the loan default and meet with CRC and other parties to the transaction to determine the next course of action.
Allco Managed Investment Funds, the responsible entity for Allco Max Securities, does not believe the loan to be impaired in light of its secured priority position.
