Permanent capital
We lend our own permanent capital and hold every loan on our balance sheet. There is no investment period to meet and no fixed fund lives to answer to.
Strategy
Asset-focused, owner-minded lending.
We are fundamental lenders. Our priority is preserving capital, not reaching for yield—and because the capital is permanent and our own, we can be patient about which loans we make and decisive once we choose to make them.
01Position
The top of the capital structure.
Seniority is the first line of defense, and we treat it that way.
We focus on the top of the capital structure: first-lien, senior secured positions. We consider mezzanine only selectively, with strong control rights.
A first-lien, senior secured loan gives us the first claim on the collateral and the strongest hand if a plan goes wrong. Every loan is underwritten to the value of what stands behind it, not only to the borrower’s projections, and every loan is held on Caldrion’s balance sheet.
Where we do consider a junior position, it is because the control rights—cure rights, purchase options, consent over major decisions—let us protect our capital as effectively as a senior lender would.
02Collateral
Underwriting what we would own.
Caldrion owns and operates real assets and businesses, and that experience shapes how we lend against them.
We lend against real and financial assets: commercial real estate, industrial equipment, corporate receivables, the net asset value of private investment portfolios and other financial assets. In each case we ask the question an owner asks: if we had to take this asset back, what would it be worth, how long would that take and what would it cost?
That discipline is reflected in our published leverage limits: up to 75% loan-to-cost and up to 65% loan-to-value. The cushion beneath our loan is the borrower’s equity, and we want it to be real.
03Structure
Disciplined, not rigid.
We don’t lend to a rigid box. Structure is where protection and flexibility meet.
Collateral coverage
Conservative advance rates against real estate, equipment, receivables, inventory and financial assets, set by asset rather than by formula.
Covenants and controls
Covenant packages, construction draw controls, borrowing-base monitoring and lockbox arrangements that keep a buffer between the loan balance and the collateral value.
Tailored terms
Interest reserves, earn-outs or payment-in-kind components where they match the borrower’s cash flow, so a sound plan is not broken by an awkward schedule.
Term and pricing
Terms of 12–36 months with extension options, priced at SOFR + 600–900 bps or a fixed-rate equivalent.
04Where we excel
Complexity, with robust coverage.
Tight timelines, complex borrower structures or assets in operational turnaround: situations that automated bank models reject, provided the collateral coverage is robust.
Complexity is not a risk in itself. A loan can be hard to underwrite and still be well secured; the work is in telling the difference. We are built to do that work, and to do it quickly.
Held, not sold
We lend Caldrion’s own permanent capital and hold each loan on our balance sheet, so we never need to sell down a position to close.
One counterparty
The team that underwrites the loan is the team that services it. You will not be passed to a stranger after closing.
05End to end
Every step, in our own hands.
We originate, structure and service every loan directly.
Sourcing, underwriting, documentation, collateral perfection, funding, servicing and workouts are all controlled by Caldrion. Nothing is outsourced to a party whose interests differ from ours.
Our portfolio is diversified and cash-flow laddered across senior secured, asset-based, specialty finance and real estate credit, with conservative advance rates and real-time monitoring to protect principal. That gives Caldrion steady current income with low correlation to public markets.
06Why Caldrion
A partner, not a bureaucracy.
Borrowers and intermediaries choose Caldrion because we lend like an owner and decide like one.
Certainty of close
A term sheet from Caldrion is backed by capital on hand, not by capital we still have to find. For straightforward collateral, we move from term sheet to funding quickly.
Direct decision-makers
You deal directly with the people who decide. Decisions are made by a small internal investment committee that meets weekly. We need no outside approvals and no fundraising to close.
Private Credit
A loan that needs judgment?
Tell us about the borrower, the collateral and the timeline. You will hear from someone who can say yes.