Strategy
Two disciplines,
one underwriting standard.
Every thesis is written before we enter. Every position is sized so a single loss is survivable. Every deal has to pencil on its own — the portfolio is an aggregation of good decisions, not a thesis unto itself.
01
Note Purchase
Performing & Non-Performing First-Position Mortgage Notes
- First-lien residential mortgage notes and land contracts only — no junior liens, no unsecured paper.
- Performing book: stable cash yield, verified payment history, seasoned borrower tape.
- Non-performing book: priced for resolution work-out, never marked to hope.
- Exit paths underwritten before purchase: re-performance, refinance-out, short-sale, or orderly foreclosure.
02
Note Origination
Private Lending on Conservative Terms
- Direct private lending to real estate investors, land buyers, and single-family owners.
- First-lien security, conservative loan-to-value, documented exit strategy from the borrower.
- Relationship-driven deal flow — no third-party aggregators between us and the operator.
- Underwriting judgment a lending desk can’t reproduce: local context, borrower history, real-estate reality.
How We Decide
Four standards every position clears before capital moves.
Standard i.
Written thesis
Before capital moves, the thesis is written down: what we believe, what has to be true, what would disprove it. Post-mortems grade the write-up, not the outcome.
Standard ii.
Identified exit
Every position has an identified exit path and a second path if the first closes. No ‘we’ll figure it out later’ deals.
Standard iii.
Survivable sizing
Position size is constrained so a full loss is recoverable in the portfolio. Conviction is expressed in quality of diligence, not concentration.
Standard iv.
Aligned structure
Partner capital enters on terms we’d accept if we sat on the other side of the table. No management-fee treadmill, no waterfall that only works for the sponsor.
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