The AAN Finance Investment along with its Foreign Crowd Funding Entities ABN 43 615 105 416 is a managed investment scheme registered under the Corporations Act 2001. AAN Finance Investment Limited ACN: 615 105 416 holds a New Zealand Financial Services Licence number permitting us to act as the Responsible Entity of the AAN Finance Investment Fund and is subject to the regulatory requirements of that licence. AAN Finance Investment Limited also holds professional indemnity insurance cover of $5 million
AAN Finance Investments Limited must operate within the approved and prudent guidelines in terms of investment selection (credit assessment), the valuation of security and the management of the investment. These guidelines, and the method in which AAN Finance Investments Limited operates, are detailed in one or more of the following documents:
It also has an independent compliance committee that includes two external expert compliance members. The purpose of these guidelines is firstly to ensure the Fund provides Members/Investors with Mortgage Investments that conform to the Manager's approved lending criteria and secondly to ensure the investment has acceptable levels of credit risk and appropriate security.
Investors are offered the opportunity to invest in a range of mortgages under various Syndicate SPDSs. Each Mortgage Investment is secured against commercial and industrial property or in limited instances against residential property or more than one property of the same type or a combination of different types of property. The relevant security property or properties for any particular Mortgage Investment is detailed in the relevant Syndicate SPDS.
Application for membership of a Syndicate, that is, in a particular Mortgage Investment, is made in accordance with the application form that accompanies the relevant Syndicate SPDS. A Member of a Syndicate (or its nominee) holds, with other Members of that Syndicate, a registered mortgage over the mortgaged property with the investor/s on title and, generally, there is minimal capital risk to the Member of a Syndicate.
ASIC requires that we appoint a panel of valuers and all valuations must be under instructions given by AAN Finance Investments Limited. We do not accept valuations prepared under the instructions of the borrowers.
ASIC also requires that valuers, where possible, are registered under a State or Territory valuer registration scheme and include a statement in their valuation report on whether the valuation complies with all relevant industry standards and codes. We also require valuers to hold the appropriate professional indemnity insurance or if they don't, that the investors provide prior written approval for us to use that valuer for that Syndicate.
The legal work in respect of mortgage matters is handled by our in-house legal team of solicitors.