Ratings upgrade for Mariner mortgage trust
Solid exposure to the Australian mortgage market has contributed to an upgrading of Mariner Mortgage Trust’s rating by InvestorWeb Research from ‘buy’ to ‘strong buy’ in its second review within the space of a few months.
According to the researcher, the fund offered investors “one of the better exposures in the sector”.
The trust, which is managed by Mariner Mortgage Management — a joint venture between Mariner Financial and Ashe Morgan Winthrop — invests in a portfolio of commercial mortgages, cash and short-term securities.
Administrative responsibilities are outsourced to providers including Australian Mortgage Administration and registry services to BNP Paribas.
The researcher praised the fund’s lending procedures, low risk and above industry average performance with nominal returns to retail investors of around 6 per cent annually after fees.
The fund predominately invests in first registered mortgages over residential property, with some exposure to industrial, commercial and retail currently to a maximum loan size of $1.8 million.
Preferred loan terms are up to three years, and mortgages must have a maximum loan to value ratio of 70 per cent and a capacity to service debt ratio greater than 1.25 times. The trust also only lends in state capital cities and major regional locations.
The trust is available on BT, Macquarie and NetWealth wraps and master trusts.
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