Cascara Capital
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Completed residential home exterior
Current Offering

Cascara RTL Fund I

Private credit, secured by American homes.

Cascara RTL Fund I holds first-lien residential transition loans originated by the same team that underwrites and services them. Investors gain exposure to short-duration construction and bridge credit, backed by real collateral and quarterly distributions.

The portfolio at Q2 2026 As of June 30, 2026
10.15%
Annualized return, YTD
21
Loans, averaging $658K
64.5%
Average LTV, 75% cap
Zero
Non-accrual loans, no REO
Residential construction underway
The Platform

Short-duration credit, built on real assets and proven builders.

Cascara RTL Fund I is backed by a vertically integrated platform that originates, funds, and actively manages first-lien residential construction loans, aligning sponsor and investor capital under institutional governance.

$1.9B+1
Originations since inception
3,100+1
Loan commitments
$436M+1
Active loan portfolio
$32M+1
Monthly volume (2025)

Platform figures combine Cascara Capital and Level Capital originations and portfolios.

How We Invest

A repeatable model for asset-backed income.

How we deploy capital across construction, land, and bridge loans – and why the asset class is structurally undersupplied.

View the full strategy
01

Secured, first-lien credit

Senior, first-lien loans backed by real assets, with conservative loan-to-value and loan-to-cost discipline.

02

Short duration, high turn

Six- to twenty-four-month loans that recycle capital quickly, enhancing liquidity and limiting exposure.

03

Proven borrowers

Lending to experienced, repeat homebuilders with established track records and clear exit strategies.

Current Offering

Cascara RTL Fund I, LLC

An evergreen fund targeting 8-9% preferred returns through first-lien residential construction loans. Accredited investors only.

Preferred returnClass A 9%, Class B 8%
Minimum investment$100K
DistributionsQuarterly
StructureEvergreen, open-ended
Completed residential home
Rule 506(c) offering
Leadership

130+ combined years across mortgage banking, private credit, and homebuilding.

Brett Moreland
Managing Partner
Founder, Cascara Capital
Keith Tibbles
Managing Partner
Founder, Level Capital
Ernie Gehre
Managing Partner
Co-Founder, Level Capital
Smokey Burns
Managing Partner
Co-Founder, Cascara Capital
Meet the leadership team

Built by lenders, managed for investors

Cascara RTL Fund I is managed by CL Asset Management Group, a joint venture between Cascara Capital and Level Capital.
Cascara Capital

A vertically integrated private credit platform for short-term residential construction lending.

Fund Manager
CL Asset Management Group
Service Partners
Managing Broker Dealer
MiT Associates LLC
Outside Counsel
Nelson Mullins Riley & Scarborough LLP

1 All figures as of 9/1/2025; figures represent the combined performance of Cascara Capital, LLC and Level Capital, LLC.

Securities offered through MiT Associates LLC ("MiT"), member FINRA/SIPC. MiT is a FINRA broker-dealer and serves as the Managing Broker Dealer for Cascara RTL Fund I, LLC, a private real estate fund (the "Fund"). MiT is not an affiliate of the Fund or CL Asset Management Group, LLC, the manager of the Fund. The Fund intends to conduct a private offering exclusively to accredited investors as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, in reliance upon Rule 506(c). This website is for informational purposes only and does not constitute an offer to sell or a solicitation to buy securities. Past performance does not guarantee future results. All investments carry risk, including the potential loss of principal. Background information on broker-dealer firms and their registered representatives is available at brokercheck.finra.org.

© 2026 CL Asset Management Group, LLC. All rights reserved. Accredited investors only · Reg D 506(c)
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Welcome to Cascara RTL Fund I

These pages cover our private credit fund. The Fund is open to accredited investors only. If you’re looking for financing for a project, head back to the builder site.