Calliva hits funding hurdle
Boutique financial services player Calliva Group has been forced to stop accepting applications for its SuperAccess loan after being told by its senior funder, Royal Bank of Scotland, that its facility will not be renewed in its current format.
Calliva has specialised in lending to self-managed superannuation funds for the acquisition of commercial property.
Calliva chief executive Vince Scully said that while there would be no impact on existing borrowers, the company would not be able to access funding in the short term.
He said he expected the impact to be temporary.
Scully said that Calliva had always recognised the need for funding diversity and had been in discussion with other funders. It hopes to make an announcement in the coming weeks regarding new funding lines.
AUTHOR
Mike Taylor
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
