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Every loan is secured by a first-priority lien on the underlying real property. The Fund does not originate mezzanine, subordinated, or unsecured debt. In the event of borrower default, the Fund holds the senior claim on the collateral.
The Manager targets loans where a Qualified Forward Purchase Contract is in place before the loan is funded. This means a committed buyer — with verified proof of funds or a fully underwritten lender pre-approval and no financing contingency — is contractually obligated to purchase the completed home. The forward purchase standard may be approved, waived, or modified by the Manager on a case-by-case basis. See the PPM for full details
Construction draws are tied to verified milestones, not borrower requests. Each draw requires a third-party inspection confirming progress, supported by invoices and lien waivers as conditions to disbursement.
An Independent Board holds binding approval rights over governance-sensitive matters, changes to valuation or redemption methodology, conversion from the Evergreen Structure to a fixed-term vehicle, and extended redemption suspensions. The Board does not control day-to-day operations.
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Every loan the Fund makes is secured by a first-priority lien on the underlying property. The Fund holds the senior position in the capital stack, ahead of any junior debt or equity. If a borrower defaults, the Fund has direct claim on the asset before any other creditor.
The Fund's underwriting standard targets loans where a Qualified Forward Purchase Contract identifies a verified buyer for the completed home before the first construction draw is funded.
The distribution waterfall is designed to align Manager economics with Member outcomes. Members receive a 12% preferred return first. Members then receive return of their full invested capital. Only after both occur does the Manager participate in residual income, and even then on an 80% Members / 20% Manager split. The Manager earns nothing on the upside until Members are made whole on both income and capital.
The Fund is governed by three Independent Directors who satisfy a three-year look-back independence test. The Board has binding approval authority over related-party transactions, NAV methodology, redemption pricing, extended redemption suspensions, fund-level indebtedness, and replacement of the Independent CPA.
No loan or extension of credit may be made without prior approval by a majority of the Fund's Loan Committee.
Management fee is capped at 1.50% of Invested Capital per year. Operating expenses above the 1.50% cap are borne by the Manager.
The Operating Agreement requires Fund-level loan-loss reserves of 1.0% of outstanding principal plus 100% of any loan more than 60 days delinquent. The Reserves Methodology is reviewed annually by the Independent CPA and disclosed in the Quarterly LP Letter.
Members receive a Quarterly LP Letter within 45 days of each calendar quarter end covering portfolio summary, NAV per Unit, related-party transactions, and material loan developments. The PPM and Operating Agreement govern in all respects.
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Distributable Cash is allocated in accordance with the Operating Agreement waterfall. First, accrued and unpaid Preferred Return is paid to Members pro rata based on Unreturned Capital. Second, Unreturned Capital is returned to Members pro rata until reduced to zero. Third, residual Distributable Cash is split eighty percent (80%) to Members pro rata by Units and twenty percent (20%) to the Manager.
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Real Street Capital Manager, LLC serves as the manager of Senior Secured Construction Income Fund I LLC (the 'Fund'). This website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer will be made only by means of the Fund’s confidential Private Placement Memorandum, Operating Agreement, and Subscription Agreement, and only to qualified Accredited Investors in accordance with applicable law. Verification of accredited investor status is required under Rule 506(c) of Regulation D under the Securities Act of 1933, as amended. The preferred return is a target priority for distributions, is non-compounded, and is not guaranteed. An investment in the Fund is speculative, involves a high degree of risk, and may result in the loss of your entire investment. The Units are illiquid, there is no public market for them, and none is expected to develop. Prospective investors should review the PPM and Operating Agreement and consult their own legal, tax, and financial advisors before investing.
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