360 Capital FM, a responsible entity for 360 Capital Mortgage REIT (ASX:TCF), said that it plans to raise up to AU$11.1 million via a one-for-three non-renounceable entitlement offer of new units in the trust at an offer price of AU$5.94 apiece, according to a Wednesday Australian bourse filing.

The offer will only be available to eligible unitholders on the record date of April 2, the filing said.

The offer also includes an oversubscription facility and unitholders who subscribe for the maximum number of new units to which they are entitled will be able to apply for additional new units in excess of their entitlement. New units not subscribed for in the offer will be offered to existing and new wholesale investors under a shortfall offer.

The new units will be entitled to receive monthly distributions from May, expected to be around AU$0.05 per new unit per month.

It will use the proceeds to to invest in new and existing loan investments increasing the portfolio to 56 individual mortgages.

Ord Minnett, Shaw and Partners, and MST Financial Services were the joint lead managers for the capital raise.

Its shares fell almost 1% on market close on Wednesday.