First-priority discipline: how we underwrite secured debt

When we originate or acquire a lien, the question is not only whether a borrower will pay — it is what happens if they don't. We underwrite to the collateral first.

Priority is everything

A first-priority position sits ahead of junior encumbrances in recovery. We confirm priority through title review and proper recording before we fund, so the position we believe we hold is the position we actually hold.

Protective equity

Conservative loan-to-value leaves a cushion between what we lend and what the asset is worth. That protective equity is what turns a default from a loss into a recovery.

None of this is exotic. It is the boring, durable discipline that lets us sleep at night and lets our partners count on us.