Grapple Finance Trust
Executive Summary
The Grapple Finance Trust (Fund) was launched specifically to fund the Australian invoice financing market (Full recourse confidential invoice discounting). It provides an opportunity for wholesale investors to access this growing asset class, which has been mainly dominated by banks and large institutions. It is a unique fixed income investment, returning 8%+RBA Cash rate per annum to investors, with monthly distributions available for payment or reinvestment.
The Fund offers a secured loan to Grapple Invoice Finance Fund (Grapple), and Grapple uses these funds to provide Australian SME’s with a secured line of credit through Grapple’s unique invoice finance offering and market leading proprietary platforms. The process entails the following steps:
- Grapple’s clients issue invoices to their customers for goods sold or services performed, and through their funding agreement with Grapple, legally assign the full ledger of invoices to Grapple.
- They are able to draw funds based on an agreed percentage of their sales ledger.
- Grapple requests a loan from GFT based on the daily funding needs and advances funds to the clients.
- Customers/Debtors pay Grapple directly and Grapple repays the loan plus interest to the Fund.
Grapple enacts multiple levels of risk protection to mitigate against potential losses. The risk management processes are:
- Credit assessment of each invoice seller and debtor is undertaken to appropriately risk rate the loans at take on, and regular credit assessment is maintained throughour the life of the facility.
- Grapple owns 100% of each client’s ledger, receiving direct payments for invoices from debtors, while funding a percentage of the ledger total, thus ensuring that collections are greater than loans. This is evidenced by the LVR which has steadily remained below the industry average. (At 31 July LVR 43.70%).
- Any invoices unpaid for more than 90 days after the end of month of issue are repaid automatically by the Grapple client.
- Director guarantees and general security deeds are obtained.
- All facilities and related securities are registered on the PPSR (Personal Property Security Register).
- No long-term positions are held, with the entire portfolio typically repaid and reinvested every 1-3 months.
- Grapple has agreed to incur the first losses of the greater of $200,000 or 10% of utilised funds.
With these measures in place Grapple has operated without any losses or arrears since inception in October 2019. In addition to the above, the Fund has maintained a Loan to Value (LVR) ratio of below 50%.
Asset Class - Invoice Finance
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Altvest and Grapple Relationship
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Market Opportunity
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Investment Offering
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