TUHF Limited was incorporated in 2007 as a Non-Bank Financial Services company specialising in commercial property finance to rental housing entrepreneurs focusing on inner city areas in South Africa’s major cities. TUHF’s strategy focuses on impact through scale, aiming to increase its lending activity in a sustainable way. Demand in its niche market is strong given the demographic dynamics in the country, but TUHF’s historically limited access to suitably priced funding has constrained material loan book build. Following the partnership with Standard bank and the implementation of a funding warehouse that revolves annually, this constraint has been largely removed. A much more formalised funding strategy has been designed to alleviate this constraint and includes bilateral facilities and securitisations. TUHF operates five regional branches and two satellite offices with its head office located in Johannesburg. A typical loan offered by TUHF is a 15-year facility for the purpose of the acquisition and development of property, carries a Prime or JIBAR linked interest rate and a once-off raising fee and may have a grace period during the building’s development stage. Security arrangements include cession of rental cash flows, sureties and insurance policies and proceeds, as well as cession of the underlying property through mortgage bonds, in some cases via an Indemnity Bond Structure. Each property related to TUHF’s loan portfolio is revalued either internally or externally once every three years. Property inspections by TUHF occur at least annually.
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