Private credit is not one product. A bridge loan on an apartment building in lease-up, a revolving credit line secured by a manufacturer’s receivables and a loan against a private equity portfolio share a legal form—a lender advances money, takes security and expects to be repaid—but they are underwritten in completely different ways. This chapter explains each of the loan types we make, what secures it, how it is usually structured and what we look for.
Our published loan types are bridge, construction, ABL, and NAV, and we also provide lender finance and royalty monetization. Every one of them sits inside the same boundaries: loans of $5M–$50M, held on our balance sheet; first-lien, senior secured positions; collateral in the United States; up to 75% loan-to-cost and up to 65% loan-to-value; terms of 12–36 months, with extension options. The full list is on our criteria page.
The entries in this chapter
| Entry | What it covers | Focus area |
|---|---|---|
| Real estate bridge and construction loans | Acquisition, bridge-to-permanent, construction completion and heavy renovation loans | Bridge & construction |
| Asset-based lending explained | Revolvers and term loans secured by receivables, inventory and equipment | Asset-based & corporate |
| NAV lending explained | Loans against the net asset value of diversified private portfolios | NAV lending |
| Lender finance (loan-on-loan) explained | Senior facilities to specialty lenders, secured by their loan pools | Lender finance |
| Royalty and contract monetization | Capital against royalties, licenses and long-term contracts | Royalty & contract monetization |
| Senior secured term loans, unitranche and special situations | Corporate term loans, how unitranche works and how we approach turnarounds | Asset-based & corporate |
What the loan types have in common
Each loan type answers the same three questions, just with different evidence.
- What is the collateral worth, and could it be realized? For a building, that means an appraisal and a view of what a buyer would pay. For receivables, it means the quality of the account debtors. For a NAV loan, it means the underlying companies and how marks hold up under stress.
- What repays the loan? A sale or refinance of a stabilized property, the collection of receivables, distributions from a portfolio, royalty payments or the borrower’s own cash flow.
- What protects us if the plan is late or wrong? Seniority, an equity cushion beneath us, covenants and controls on cash, and the ability to step in.
The answers shape the structure. A construction loan is funded in draws because the collateral is being built. An asset-based revolver moves with a borrowing base because the collateral turns over every month. A royalty loan is repaid by a sweep of collections because the cash flow itself is the collateral. The underwriting chapter goes deeper on these differences, starting with cash flow versus asset-based underwriting.
How the types compare
The table below is a simplified map. Real loans blend features, and the figures in our criteria apply to all of them.
| Loan type | Primary collateral | Usual source of repayment | Typical structure |
|---|---|---|---|
| Real estate bridge | Commercial property, as-is | Refinance or sale after the business plan | Term loan, often with future funding and an interest reserve |
| Construction | Property being built or completed | Refinance or sale on completion and lease-up | Draw-based loan against a budget |
| Asset-based (ABL) | Receivables, inventory, M&E | Collections and the borrower’s cash flow | Revolver plus term loan, governed by a borrowing base |
| NAV loan | Portfolio of private investments | Realizations and distributions | Term loan with a loan-to-value test and a cash sweep |
| Lender finance | A pool of loans made by the borrower | Repayments on the pool | Revolving or delayed-draw facility with eligibility tests |
| Royalty monetization | Royalty or contract rights | The royalty or contract payments themselves | Amortizing loan repaid by a collections sweep |
| Senior secured corporate | All assets of an operating company | Free cash flow, refinance or sale | Term loan, sometimes with a revolver |
Where a request does not fit neatly
Some requests sit between categories: a hotel renovation that needs a junior piece, an equipment loan repaid by a long-term contract, a family buyout secured by several properties. We look at the substance rather than the label. If a request is first-lien, senior secured and backed by real or financial assets in the United States, we would like to hear about it, even if it fits none of the focus areas. Positions below senior secured are a narrow exception: we consider mezzanine only selectively, with strong control rights, as the capital structure entry explains.
Case studies by loan type
Our transaction case studies show how these structures look in practice, under project code names. A few that map directly to this chapter:
- Bridge: Project Juniper, a multifamily lease-up bridge.
- Construction: Project Saguaro, a construction completion loan.
- ABL: Project Orchard, a revolver and equipment loan with cash control.
- NAV: Project Keystone, a loan to a buyout fund.
- Lender finance: Project Ledger.
- Royalty: Project Meridian.
For the common thread across them, see Twelve loans: the common thread. When you are ready to discuss a specific loan, the contact form reaches the people who decide.
This entry is general information as of November 2026, not investment, legal or tax advice, and not an offer of securities.