I
Real Estate Credit
Senior construction participations, held pari passu with established U.S. lenders.
The house buys participations in first-lien construction and bridge loans from established private lenders across the Sun Belt and holds them pari passu: the same lien, the same rate and the same risk as the lender. The lender originates, closes and services. The house underwrites each loan on the lender's file and its own review, and funds its share at closing and at each draw.
The house does not originate, does not compete for borrowers and does not participate in loans to its own affiliates. The lender keeps its borrower and its servicing.
- Geography
- Florida, Texas, Georgia, Louisiana, South Carolina and North Carolina.
- Position
- First lien, pari passu with the lender of record. Construction and bridge loans.
- Servicing
- By the lender of record. The house has no borrower-facing role.
- Draws
- Funded against the lender's draw package: inspection report, budget to complete and lien waivers.
- Decision
- Within ten business days of a complete file.
- Vehicle
- Kemper Real Estate Credit, in formation.