A real estate debt fund pools investor capital to make loans secured by real estate, rather than to own property as equity.
Log in to followTwo commitments due by the end of the quarter and I've only got $400,000 to split. Fund A, residential bridge, first lien. Coupons 10.5 to 11.5, average loan $480,000, roughly 900…
Closing on a small single family rental in three weeks. After down payment, closing costs and the first insurance premium I'll have about $40,000 sitting in savings earning basica…
The fund is an $900 million open-end bridge lender, mostly first lien, and I've had the loan tape for eight days. Numbers I mostly trust: 148 loans, $2.1 million average balance,…
Two open-end debt funds on my desk and I've been going back and forth for three weeks. Fund A. $740m loan book, 118 loans, weighted coupon 10.4%, weighted LTV at origination 63%,…
I've got two columns open and the second one keeps winning, which usually means I built it wrong. Column one, a duplex I can buy at $340,000. Gross rent $2,850 a month, so $34,200…
Deep in a debt fund LPA and two clauses are sitting next to each other in a way I don't love. First one is in the servicing standard. The manager may grant up to two extensions of…