Focus 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.
01Transitional lending · Value-add sponsors
Real estate bridge & construction
Short-term financing for sponsors executing value-add business plans who need more speed or flexibility than commercial banks offer.
Acquisition, bridge-to-permanent, construction completion and heavy renovation loans for sponsors who need more speed or flexibility than commercial banks offer. Banks have pulled back from transitional real estate, particularly assets that are not yet stabilized. That is precisely where a well-secured loan from a lender who understands the asset is worth most to a sponsor.
What we look for
- Quality assets in transition—through lease-up, zoning changes or renovation—where the exit, by sale or refinance, is clear.
- Sponsors with a credible business plan, real equity at risk and the experience to execute it.
- A basis that makes sense on today’s value, not only on the value the plan promises.
- Major metros and business-friendly states, where liquidity for the exit is deep.
How we structure it
We lend up to 75% loan-to-cost and up to 65% loan-to-value, on terms of 12–36 months with extension options. Interest reserves can carry an asset through lease-up; future advances can be sized to the renovation budget.
How we manage risk
A conservative basis and strict control of construction draws, so loan proceeds are released only as value is created. Because Caldrion owns and operates real estate itself, we review budgets, schedules and leasing assumptions as an owner would, and we know what a stalled project really costs to finish.
02Collateral-backed growth capital
Asset-based & corporate lending
Revolvers and term loans for asset-rich lower-middle-market companies, secured by receivables, inventory and equipment.
We support lower-middle-market operating companies that are asset-rich but may have irregular cash flows or need capital for rapid expansion. Many are founder-led, and many have been told by a bank that their earnings profile does not fit a cash-flow loan, even though the business owns substantial receivables, inventory or equipment.
What we look for
- Revolvers and term loans secured by accounts receivable, inventory, and machinery and equipment (M&E).
- Founder-led businesses seeking non-dilutive growth capital, underwritten to the liquidation value of hard assets rather than EBITDA multiples alone.
- Seasonal, cyclical or transitional companies whose collateral is stronger than their recent earnings suggest.
- Turnarounds where the operational plan is credible and the collateral coverage is robust.
How we manage risk
Rigorous borrowing-base monitoring and lockbox arrangements that control cash receipts and maintain a buffer between the loan balance and collateral value. We test the quality of receivables, the saleability of inventory and the real market for equipment, not only their book value.
Why it suits permanent capital
Asset-based lending rewards a lender who stays close to the borrower through a cycle. We are not under pressure to exit a performing relationship, and we can extend support as a business grows into its plan.
04Loan-on-loan · Specialty lenders
Lender finance
Senior financing for specialty lenders, secured by their own portfolios of loans.
Lender finance (loan-on-loan) provides senior financing to specialty lenders and other originators, secured by the loans they make. It is one of the most collateral-intensive forms of credit, and one of the most rewarding for a lender who can underwrite both the originator and the pool.
What we look for
- Experienced originators with disciplined credit policies and transparent servicing data.
- Pools of loans secured by real or financial assets we understand.
- Eligibility criteria and concentration limits that keep the borrowing base clean.
How we manage risk
Advance rates set against the underlying collateral, eligibility tests on every loan in the pool, regular reporting and the right to step in if performance deteriorates. We underwrite the platform and the pool separately, so that each protects us from the other.
05Contractual cash flows
Royalty & contract monetization
Capital today against high-quality royalties and contractual cash flows with low correlation to broader markets.
Owners of royalties, licenses and long-term contracts often hold valuable, predictable cash flows that conventional lenders struggle to underwrite. We provide capital today against those cash flows, secured by the contracts and the rights behind them.
What we look for
- High-quality contractual cash flows with creditworthy counterparties and clear legal documentation.
- Payment histories that can be verified, and assumptions that can be tested.
- Cash flows with low correlation to broader markets.
How we manage risk
Security over the underlying rights, controlled collection accounts and covenants that track performance against the underwriting case. We size the loan to cash flows we can verify, not to the most optimistic forecast.
06Beyond the focus areas
Something else?
A loan that fits our criteria but none of these areas? If it is first-lien, senior secured and backed by real or financial assets in the United States, we would like to hear about it.
Focus areas
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.