Frequently Asked Questions

What is SSCI Fund I?

Senior Secured Construction Income Fund I LLC is an open-ended, evergreen private credit fund managed by Real Street Capital Manager LLC.

What type of loans does the Fund make?

Short-term, senior secured construction loans collateralized by first-priority liens on residential properties, primarily financing ground-up construction of new single-family homes.

Where does the Fund lend?

Throughout Florida, with an initial focus in and around the greater Gainesville area.

What is the minimum investment?

$200,000 for Class A Preferred Units, with additional investments in $50,000 increments unless the Manager accepts less.

What is a Qualified Forward Purchase Contract?

An agreement with a buyer who has demonstrated proof of funds or holds a fully underwritten lender pre-approval with no financing contingency. The forward purchase standard may be approved, waived, or modified on a case-by-case basis by the Manager. See the PPM for details.

What is the Manager fee?

1.50% per annum. Additional fund expenses are detailed in the PPM and Operating Agreement.

How are distributions paid?

From available Distributable Cash in accordance with the Operating Agreement waterfall. Members receive accrued Preferred Return first, then return of capital, then residual cash is split 50/50 between Members and the Manager. Distributions are anticipated monthly but are not guaranteed.

What is the distribution waterfall?

Priority order: (1) accrued and unpaid 12% Preferred Return to Members pro rata Non-compounded: (2) return of Unreturned Capital to Members pro rata until reduced to zero (3) fifty percent to Members pro rata by Units and fifty percent to the Manager. The Manager’s 50% residual entitlement is separate from distributions it receives on its own Units. Full mechanics are in the Operating Agreement.

What is the target return?

12% annualized preferred return on Class A Preferred Units. The preferred return is non-compounded, is a target priority for distributions, and is not a guarantee of return.

What risk controls are in place?

The Fund targets first-lien collateral on every loan, forward purchase takeout discipline, milestone-based draw controls with third-party verification, and Independent Board approval rights over governance-sensitive matters. These are structural risk controls built into the Fund’s operating framework. They are not guarantees of performance or return of capital.

What happens if a home does not sell?

Most construction loans are intended to be supported by a Qualified Forward Purchase Contract, meaning a committed buyer is in place. However, buyers may fail to close, earnest money deposits may be insufficient to cover losses, and alternative sales may take longer or require price reductions. The Fund underwrites backup sale strategies, but there is no guarantee that a home will sell at the expected price or timeline. See the PPM for a full discussion of risk factors.

What happens if a borrower defaults?

The Fund holds the senior secured claim on the underlying property through its first-lien position. Recovery procedures depend on the specifics of the situation and may involve foreclosure, negotiation, or sale of the collateral. The PPM contains a full discussion of default risk.

What about conflicts of interest?

The Manager, its affiliates, and certain borrowers may have conflicts of interest that are expressly contemplated and disclosed in the PPM. Certain loans may be made to borrowers affiliated with the Manager. Related-party transactions require Independent Board approval. Prospective investors should review the conflicts section of the PPM carefully.

Can I redeem my investment early?

No redemptions are permitted during the first 12 months. After the lock-up period, redemptions are at the Manager's sole discretion on a quarterly basis, with 90 days' advance written notice, and are capped at 10% of net asset value per quarter. The Manager may suspend redemptions under certain circumstances with Board approval.

Is there a secondary market?

Investors should be prepared to hold their investment for at least the 12-month lock-up period and should not invest if they require near-term liquidity.

What is the Fund’s structure and term?

The Fund is organized as an evergreen, open-ended, perpetual-life vehicle with no fixed termination date. The Fund accepts new subscriptions on a rolling basis with closings occurring no less frequently than monthly. The Fund may be dissolved by a Major Action of the Members or by the Manager with prior Board Approval.

How do monthly subscriptions work?

The Fund accepts new subscriptions on a rolling monthly basis. Subscription documents and funds must be received by the 25th of the month for admission effective the 1st of the following month. Each investor’s 12-month lock-up period begins on their admission date.

Who can invest?

Verified Accredited Investors only, as required under Rule 506(c) of Regulation D.

What is an Accredited Investor?

An individual with annual income of at least $200,000 ($300,000 jointly), or net worth exceeding $1 million (excluding primary residence), or who holds a valid Series 7, 65, or 82 license. Other qualifying categories exist under SEC rules.

How is accreditation verified?

Rule 506(c) requires the Fund to take reasonable steps to verify each investor’s accredited status. Verification methods may include review of financial documentation (such as tax returns, brokerage statements, or bank statements), a written confirmation from a licensed attorney, CPA, or registered investment advisor, or other methods the Manager determines to be reasonable under the circumstances. Our investor relations team will guide you through the specific steps during the onboarding process.

How do I get started?

Request the fund overview, then schedule a 15-minute intro call. If you decide to proceed, you’ll receive data room access, complete accreditation verification, and subscribe through secure electronic signature.

What is the Fund’s legal structure?

Florida limited liability company (LLC). Investors purchase Class A Preferred Units.

What are the tax implications?

Tax implications vary by investor. The Fund issues annual tax documentation. Consult your own tax advisor.

Can I invest through an entity, trust, or retirement account?

Generally permissible, subject to the Operating Agreement and accreditation requirements. IRA investors should consult their custodian and tax advisor. Contact our IR team for specifics.

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