This guide is for borrowers, sponsors, debt brokers and advisors who are considering bringing Caldrion a loan request. It explains what we lend against, what to send, how we review a request and what to expect from first contact to funding. Our aim is simple: to give you a clear answer quickly, and to make the path from request to funding as predictable as we can.
Start with fit
Before you send anything, check the request against our published criteria. They guide where we spend our time.
- Loan size: $5M–$50M, held on our balance sheet.
- Position: first-lien, senior secured. We consider mezzanine only selectively, with strong control rights.
- Geography: United States, in major metros and business-friendly states.
- Collateral: real and financial assets—commercial real estate, industrial equipment, corporate receivables, the net asset value of private investment portfolios and other financial assets.
- Leverage: up to 75% loan-to-cost and up to 65% loan-to-value.
- Term: 12–36 months, with extension options.
- Pricing: SOFR + 600–900 bps, or a fixed-rate equivalent, with an origination fee of 1–2%.
- Loan types: bridge, construction, asset-based and NAV loans, as well as lender finance and royalty monetization.
These ranges are not a commitment to lend, and a request near the edge of a range is not automatically excluded. But if a request is clearly outside them—unsecured, outside the United States or well beyond our size or leverage limits—we are unlikely to be the right lender, and we would rather tell you so now.
We would rather say no in a day than maybe for a month.
Use the form, and share links
All initial loan requests should come through the form on this site. It routes your request directly to the people who decide, and it ensures we have the basics we need to respond.
Share a link to non-confidential materials (teaser, deck or data room); we sign NDAs promptly when there is mutual interest. Our forms take links, not uploads. If your materials are confidential, send a summary first and we will move to an NDA quickly if the request is a fit.
What makes a complete package
We aim to give initial feedback within 72 hours of receiving a complete package. A complete package is the one that lets us form a view. It usually includes:
- The borrower. Who is borrowing, who owns and runs the business or asset and what equity they have at risk.
- The collateral. What secures the loan and what it is worth today, with the information that supports that value.
- Sources and uses. How much you need, what it is for and how it fits with the rest of the capital structure.
- The plan. What will happen during the life of the loan—lease-up, construction, growth, a transition—and how it will be achieved.
- The path to repayment. How the loan will be repaid, by sale, refinance or cash flow, and why you are confident it can be.
- The timeline. When you need to close, and why.
For specific collateral, the essentials differ. A real estate request should include current operating information, a budget and schedule for any work and the expected exit. An asset-based request should include recent financial statements, an aging of receivables, an inventory summary and an equipment list. A portfolio-backed request should include a summary of the underlying assets and their valuation. A lender finance request should include the originator’s credit policy and performance data for the pool.
What happens next
Initial review. Our credit team reviews the collateral, the borrower, the sources and uses and the path to repayment. If something is missing, we will ask for it.
Feedback. We aim to give initial feedback within 72 hours of receiving a complete package. That feedback will be candid: interested, not interested or interested subject to specific questions.
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. Decisions are made by a small internal investment committee that meets weekly. We need no outside approvals and no fundraising to close.
Diligence and documentation. Confirmatory diligence on the collateral and the borrower, followed by documentation by counsel.
Funding and servicing. We lend from our own balance sheet and service the loan ourselves.
What to expect in diligence
Our diligence is focused on the collateral and the plan. We are thorough, but we try not to ask for anything we do not need.
For real estate loans, expect third-party reports such as an appraisal, a property condition report and an environmental review, a review of the budget and schedule for any construction or renovation, and site visits. Because Caldrion owns and operates real estate itself, we will review leasing and operating assumptions as an owner would.
For asset-based loans, expect a field examination of receivables and inventory, an appraisal of equipment where relevant and a review of the systems that produce borrowing-base reporting.
For portfolio-backed, lender finance and contractual loans, expect a review of the underlying assets, their valuation and documentation, and the data that supports performance assumptions.
For every loan, expect background checks on principals, a review of corporate and legal structure and confirmation of title, liens and insurance.
We believe the best diligence is focused: it answers the questions that decide the loan and leaves the rest alone.
How to make the process faster
The single most effective thing you can do is to tell us early what concerns you. If there is a complication—an environmental issue, a dispute, a difficult year—we would much rather hear about it in the first conversation than discover it in diligence. Complexity does not disqualify a request. Surprises slow everything down.
It also helps to organize materials in a data room with a clear index, to identify the people who can answer questions about the collateral and to give us a realistic timeline.
A note on timelines
We move quickly, but every loan has a natural pace set by its collateral. A loan against a stabilized asset with clean title and recent third-party reports can move much faster than a construction completion loan that requires a new budget review, or an asset-based facility that requires a field examination before the first advance. We will tell you early what the critical path looks like for your request, and which items—an appraisal, a survey, an examination—will determine the closing date.
If you have a hard deadline, such as an acquisition closing or a maturing loan, tell us at the outset. We will be honest about whether we can meet it. We would rather decline a request we cannot close in time than accept it and leave you exposed.
Common reasons we decline
When we decline a request, it is usually for one of a handful of reasons, and we think it helps to be transparent about them:
- The position is not senior. We focus on the top of the capital structure. Unsecured loans and junior positions without strong control rights are outside our approach.
- The leverage is too high. If the request requires us to lend beyond our leverage limits, the borrower’s equity cushion is too thin for our standard.
- The collateral is hard to value or realize. If we cannot form a confident view of what the collateral is worth and how it could be realized, we are not the right lender.
- The exit depends on a single outcome. A loan that can be repaid only if one specific sale, refinancing or event occurs is more fragile than we like.
- The request is outside our criteria. Size, geography, term or collateral type outside our published criteria.
- The facts keep changing. If key information shifts materially during review without explanation, we lose confidence quickly.
None of these is a judgment on the borrower or the business. They are judgments about fit, and we would rather share them candidly than leave a request unanswered.
For debt brokers and intermediaries
We value the debt placement community and other intermediaries as extensions of our team. We respect mandates and protect buy-side and debt brokers on introduced transactions. We will keep you informed as the request moves forward, and we will never go around you.
If you represent a borrower, tell us about the mandate when you submit, and send the request through the form so that it is recorded from the start.
What we will not do
We will not issue a term sheet we do not intend to honor. We will not ask for exclusivity before we have a genuine interest. We will not promise a decision by a date we cannot meet. And once we have made a loan, we will not pass you to a stranger: the team that underwrites the loan is the team that services it.
After closing
Our relationship with a borrower begins, rather than ends, at funding. We service every loan directly. Expect regular reporting appropriate to the collateral, a direct line to the team that knows your loan and candor in both directions if the plan changes. If a sound plan needs more time, talk to us early. Because we lend our own permanent capital, we can evaluate an extension on its merits rather than against a calendar.
This article reflects Caldrion’s views as of November 2026. It is not an offer of securities or investment advice.