Calliva has temporarily suspended new applications for loans, pending confirmation by RBS if long-term funding facilities will be renewed.
Calliva Group will not accept new applications for its SuperAccess loan until it has clarification on its long-term funding facilities, the company has said.
"Our senior funder, Royal Bank of Scotland (RBS), has informed us that due to continuing uncertainties in the securitisation market, our senior facility will not be renewed in its current format," Calliva chief executive Vince Scully said.
A review of the funding arrangement with RBS was due in September and Calliva recognises as a priority, the need for several funding streams.
There will be no impact on existing borrowers, according to the company.
Because funding can not be accessed in the short-term, Calliva has suspended new applications to avoid creating uncertainty among potential borrowers, the company said.
"For those people who have applications in we will be refunding the application monies and if they'd like some help we'll be happy to help them place their loan elsewhere," Scully said.
"We expect to be in a position to accept applications again shortly, with an enhanced product offer," Scully said.
Calliva specialises in lending to self managed super funds for the acquisition of commercial property.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
Catholics revamp fixed interest »
Industry superannuation fund the Catholic Superannuation and Retirement Fund (CSRF) has revamped its fixed income portfolio.
Mercer backs alternatives »
Mercer has awarded $34.15 million in mandates to Tactical Global Management (TGM) and Lazard Asset Management to invest in alternative assets.
Out and about last week, I heard an interesting theory on how to eliminate the numerous conflicts of interest many dealer groups have: get rid of dealer groups and in their place let financial planners be independently licensed.... read more »
