Napla (also known as 'Naplend') is a property financier who provided bridging finance to Mayfair in late 2019. The 4-month loan facility was secured against 119 properties in Mission Beach. Mayfair defaulted on the loan after ASIC obtained orders freezing the group's ability to advertise its notes. | Media.com

Napla is a non-bank provider of property finance. It is part of the Palan Family office and is managed by Joel Palan.Napla provided a bridging facility for $14.2 million to Mayfair 101 to assist with settlement of properties in Mission Beach.The facility was originally for a 4 month term at an interest rate of 2% per month.When ASIC issued proceedings against Mayfair 101 and froze its ability to conduct its normal business the Napla facility defaulted. Subsequently ASIC sought fundraising injunctions against Mayfair 101's Managing Director which meant it was nearly impossible to re-finance the bridging facility.This caused the Napla facility to incur default interest totalling an annual equivalent of 40.2% per annum. &nbsp;This eroded the significant equity that underpinned the unit trusts securing the M Core Fixed Income notes.Mayfair 101 maintains that ASIC either did not understand the consequences of triggering a default in the Napla facility or turned a blind eye to its implications for M Core noteholders.

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Napla (also known as 'Naplend') is a property financier who provided bridging finance to Mayfair in late 2019. The 4-month loan facility was secured against 119 properties in Mission Beach. Mayfair defaulted on the loan after ASIC obtained orders freezing the group's ability to advertise its notes.