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Fundamento

Private real estate credit for individuals

Real estate debt funds invest in commercial mortgages, mezzanine debt, and bridge loans. Returns 8–11% before fees, with collateral protection. Increasingly accessible to non-institutional investors through interval funds and tokenized vehicles. Higher complexity than REITs; expect 3–5 year hold.

Major institutional debt funds: Blackstone Mortgage Trust (BXMT, publicly traded), Starwood Property Trust (STWD, publicly traded), Apollo Commercial (ARI). These offer 8–11% yields with first-mortgage collateral on commercial real estate.

Private interval funds: Fundrise has a credit fund accessible at $10 minimums; Yieldstreet offers real estate debt notes. Returns target 8–10%; the trade-off is reduced liquidity (typically quarterly redemption windows with caps) vs. fully liquid traded REITs.

Why it matters now: with banks reducing CRE lending share (down to ~18% of new originations in Q3 2024 from 38% a year earlier), private credit has become the marginal lender. Spreads remain wider than pre-2020. As long as origination quality is disciplined, this is an attractive 2026–2028 vintage.

#private credit#real estate debt#fixed income

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