Collateral expertise
Because Caldrion also owns and operates real assets, we value collateral the way an owner would: by what it is worth, what it earns and what it would take to realize it.
Caldrion Private CreditPart of Caldrion
Where banks step back,we step in.
We lend $5M–$50M from our own balance sheet—first-lien, senior secured and backed by tangible assets—to borrowers who need speed, flexibility or bespoke structuring.
Part of Caldrion Permanent capital, active ownership Scroll
01Our approach
Capital first. Yield second.
Private credit is the income engine of Caldrion’s portfolio. As banks retreat under regulatory constraints, we lend to the high-quality borrowers they no longer serve—at the top of the capital structure, against collateral we understand, with capital that is ours and permanent. We originate every loan, we hold every loan and we stand behind every term sheet we sign.
02Principles
What sets our lending apart.
We focus on the top of the capital structure: first-lien, senior secured positions. We consider mezzanine only selectively, with strong control rights.
Disciplined structure
Conservative advance rates and rigorous covenant packages protect principal. We would rather lend less, sooner and with certainty than stretch for a larger loan.
Structural creativity
We don’t lend to a rigid box. Interest reserves, earn-outs or payment-in-kind components can be shaped to a borrower’s real cash flow, inside a senior secured structure.
03Focus areas
Lending where we know the collateral.
We lend in sectors where we have deep domain expertise, so we can underwrite complexity that automated bank models reject.
- 01
Real estate bridge & construction
Short-term financing for sponsors executing value-add business plans who need more speed or flexibility than commercial banks offer.
- 02
Asset-based & corporate lending
Revolvers and term loans for asset-rich lower-middle-market companies, secured by receivables, inventory and equipment.
- 03
NAV lending
Loans secured by the net asset value of diversified portfolios of private investments.
- 04
Lender finance
Senior financing for specialty lenders, secured by their own portfolios of loans.
- 05
Royalty & contract monetization
Capital today against high-quality royalties and contractual cash flows with low correlation to broader markets.
Criteria
Criteria at a glance
Brokers are protected.
- Loan size
- $5M–$50MHeld on our balance sheet
- Position
- First-lien, senior securedMezzanine only selectively, with strong control rights
- Geography
- United StatesMajor metros and business-friendly states
- Collateral
- Real and financial assetsCommercial real estate, industrial equipment, corporate receivables, fund NAVs, and other financial assets
- Leverage
- Up to 75% loan-to-costUp to 65% loan-to-value
- Term
- 12–36 monthsWith extension options
- Pricing
- SOFR + 600–900 bpsOr fixed-rate equivalent
- Origination fee
- 1–2%
- Loan types
- Bridge, construction, ABL, and NAVAlso lender finance and royalty monetization
04Process
From request to funding.
A direct line to the people who decide, a clear answer and a lender that stays with you through the life of the loan.
- 01
Submit
Send the request through our form: the borrower, the collateral, the amount and what the loan is for. Share a link to non-confidential materials (teaser, deck or data room); we sign NDAs promptly when there is mutual interest.
- 02
Initial review
Our credit team reviews the collateral, the borrower, the sources and uses of the loan and the path to repayment.
- 03
Feedback
We aim to give initial feedback within 72 hours of receiving a complete package.
- 04
Term sheet
If there is a fit, we sign an NDA promptly, work through the questions that matter and propose terms approved by our investment committee, which meets weekly.
05People
The people who decide.
Every loan is decided by Caldrion’s small internal investment committee, which meets weekly. You deal directly with the people who decide.
Michael Harrington
Chief Executive Officer and Head of Family Office, Caldrion
Jennifer Williams
Chief Investment Officer, Caldrion
Sarah Mitchell
Chief Financial Officer, Caldrion
Thomas Bennett
Chief Operating Officer, Caldrion
06Insights
Notes on private credit.
Investment perspectives, market notes and guides for borrowers, sponsors and intermediaries.
Investment perspective
Whose capital, and when it needs to come back: permanent capital in private credit
The source of a lender’s capital shapes how it behaves. We explain how permanent family capital differs from capital with fixed fund lives, and what that means for borrowers.
Caldrion Private Credit
Guide
Bringing Caldrion a loan request: what to send and what to expect
A practical guide for borrowers, sponsors and debt brokers: our criteria, what makes a complete package, how we review a request, what diligence involves and what happens after closing.
Caldrion Private Credit
Market note
Collateral over multiples: asset-based lending for asset-rich companies
Some of the best businesses in America do not fit a cash-flow loan. We explain how asset-based lending works, who it serves and how we underwrite receivables, inventory and equipment.
Caldrion Private Credit
Private Credit
Need a lender who can move quickly?
Borrowers, sponsors and debt brokers reach a decision-maker through one short form. We aim to give initial feedback within 72 hours of receiving a complete package.