Capital where banks have retreated.
Small and mid-sized builders construct the majority of new American homes, yet face limited access to traditional bank financing. We provide senior, first-lien loans secured by real assets, structured to the realities of a builder's timeline without sacrificing underwriting discipline.
Capital is deployed across four complementary loan types, diversifying risk while keeping the portfolio short in duration and high in turnover.
Five disciplines that govern every loan.
Disciplined proprietary credit approach4
An in-house methodology for originating, structuring, and managing credit risk, refined across multiple market cycles.
Active asset management
Continuous oversight from funding to exit, with proactive monitoring of construction progress and borrower performance.
Short duration, high-turn portfolio
Loans of 6 to 24 months recycle capital rapidly, enhancing liquidity and limiting exposure to any single project.
Experienced borrower base
A focus on proven homebuilders with established track records, repeat relationships, and clear exit histories.
Targeted geographic focus
Concentration in supply-constrained, high-growth markets where household formation outpaces available housing.
Identified risks, deliberate mitigants.
Risks are inherent to residential transition lending. We seek to mitigate them through disciplined practices applied across origination, servicing, and fund structure, with sponsor capital invested alongside investors.
This summary of risks is not exhaustive. Please refer to the Fund's PPM for a full discussion of risk factors.
How we construct the portfolio.
Target Loan Characteristics
Target Borrower Profile
Geographic Diversification
Southeast & Mountain West growth markets. Rural locations avoided.
Collateral Types
Single-family residences, townhomes, and select land parcels with near-term construction plans.
Figures represent target characteristics designed to reduce risk and support consistent performance. Actual loans may vary based on borrower profile, collateral, or other underwriting considerations.
Vertical Construction Loan – Pasco, WA
This case study highlights an actual loan originated by Level Capital and is provided as a sample of the type of financing the Fund seeks to acquire. It is not part of the Fund's portfolio. Past performance is not indicative of future results.