The Australian Securitisation Forum is working with the Australian Office of Financial Management on a way of giving the Structured Finance Support Fund the option of investing in outstanding RMBS, ABS and warehouse facilities sponsored by non-ADIs. The aim is to compensate for cashflows deferred as a result of repayment holidays.The ASF said it was working with the industry to develop a structure that will enable to SFSF to invest in new senior ranking debt securities issued by a newly constituted "Forbearance Special Purpose Vehicle".The SPV would then advance funds to eligible securitisation trusts and warehouses that wish to draw liquidity advances to compensate for the issued interest component of scheduled payments.The ASF said it planned to appoint legal counsel to develop a term sheet for the proposed industry-wide SPV, which would operate subject to the terms of the SFSF legislation and operational guidelines.The plan is that participants will subscribe for junior notes in the Forbearance SPV. These notes will not cross-collateralise the obligations of other participants.The ASF has applied to the Australian Competition and Consumer Commission for authorisation, given that otherwise competitive lenders would be working in cooperation.It expects a response from the ACCC this week and will then take a proposal to the AOFM.Under the SFSF program, the government is providing the AOFM with A$15 billion to invest in structured finance markets used by smaller lenders, including small ADIs and non-ADIs.This support will be provided by making direct investments in primary market securitisations by these lenders and in warehouse facilities. The SFSF has already made two investments: in Firstmac's 2019-1 RMBS issue, and in a Judo Bank warehouse facility.