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Major lender in Bathla development sells debts
Private credit lenders of Bathla Group are striking deals to recover debts following the property giant's collapse. (ABC News: Berge Breiland)
La Trobe Financial has sold its senior loan facility, tied to a Bathla Group development, to investors through a fund managed by 360 Capital.
The $31.2 million purchase would give 360 Capital greater influence over the Marsden Park project.
The fallout from the collapse of property developer Bathla Group continues to reverberate through Australia's private credit market, with lenders taking matters into their own hands to recover money tied up in the failed construction giant.
In one of the latest deals, property investment and funds management group 360 Capital has revealed it acquired a senior loan facility for about $31.2 million through its private credit fund, funded by private investors and entities within the 360 Capital group.
Bathla’s collapse is slowly revealing a long trail of shadow lending
The family behind the Bathla property empire took on millions of dollars in informal loans right before the company collapsed, and are involved in secret real estate development projects outside its administration.
Bathla, a developer specialising in building budget apartments and townhouses in Sydney’s west, collapsed in August owing $3.4 billion, much of it to some of the country’s largest private credit lenders.
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