FAQ: loan types and focus areas

Bridge, construction, ABL, and NAV loans. We also provide lender finance and royalty monetization. Our focus areas describe each.

A short-term loan that carries an asset to its next step, typically a sale or a refinance with a permanent lender. Bridge loans suit assets in transition through lease-up, zoning changes or renovation, where a bank will not lend until the asset is stabilized. See real estate bridge and construction loans.

Yes. We make acquisition, bridge-to-permanent, construction completion and heavy renovation loans. We keep strict control of construction draws, so funds are released only as value is created. See focus: real estate bridge and construction.

A loan that finances the remaining work on a partly built project, often after an original lender or capital partner has stepped away. It is underwritten on the cost to finish and the value on completion. The Project Saguaro case study is an example.

Revolvers and term loans secured by accounts receivable, inventory, and machinery and equipment (M&E), underwritten to the liquidation value of hard assets rather than EBITDA multiples alone. See asset-based lending explained and focus: asset-based.

A loan secured by the net asset value of a diversified portfolio of private investments, such as a private equity portfolio. Owners use NAV loans to support portfolio companies, bridge to realizations or meet commitments without selling good assets at the wrong time. See NAV lending explained.

Owners of diversified portfolios of private investments: investment sponsors, holding companies and family investors among them. What matters is diversification, transparent valuation and a credible path to repayment from realizations.

Senior financing to specialty lenders and other originators, secured by the loans they make; also called loan-on-loan. We underwrite the platform and the pool separately, so that each protects us from the other. See lender finance explained.

Capital today against royalties, licenses or long-term contracts, secured by the contracts and the rights behind them. We size the loan to cash flows we can verify, not to the most optimistic forecast. See royalty and contract monetization.

Unitranche is not one of our published loan types. A request structured that way is assessed against the same criteria as any other: first-lien, senior secured, backed by real or financial assets and within our leverage limits. See senior secured term loans, unitranche and special situations.

We focus on the top of the capital structure: first-lien, senior secured positions. We consider mezzanine only selectively, with strong control rights, such as cure rights, purchase options and consent over major decisions. See the capital structure.

Yes, where the collateral supports it. We excel in situations with tight timelines, complex borrower structures or assets in operational turnaround, provided the collateral coverage is strong. See senior secured term loans, unitranche and special situations.

No. We lend in the United States, in major metros and business-friendly states. Borrowers and collateral outside the United States are outside our criteria.

Yes. 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. Submit it through our contact page.