Credit notes, as an intended spine.
An educational description of a note-acquisition shape Build Capital intends to work with. It states no coupon, no yield, no IRR and no capital floor, and it is not a call to invest.
Not an offering. This page describes a program shape for stranger-facing education. It does not solicit capital, name a live vehicle, or publish terms. No note SPV is claimed to exist, and proprietary cash would remain first until gates clear.
What the spine is intended to be
Build Capital's near-term Credit front would buy business-purpose, real-estate-secured notes - investor and small commercial real-estate files - at a discount to unpaid principal, for cash, one file at a time. Explicitly not consumer or owner-occupied agency paper.
Role of the desk
Source, screen and underwrite whole-loan files. A one-SPV-per-note shape would be designed only after counsel and a proof file, and is not presented here as available.
How value is framed
Discount-to-par recovery path, coupon only where counsel would allow it, and collateral or loan-to-own optionality - described as mechanics, not as advertised performance.
Binding constraint
Servicing, not capital. An independently licensed special servicer would need to be nameable in a buyer pack before a channel of this kind could open.
Raise posture
Proprietary first. Co-investment or a note SPV would be deferred until a proof file exists and formation and counsel gates clear. Nothing here claims those gates are clear.
How a note file is generally evaluated
Buying an existing loan rather than originating a new one shifts the work from underwriting a borrower's future to underwriting a file's past — what was lent, what has been paid, what the collateral behind it is actually worth today, and whether the paperwork supporting all of that would hold up.
Unpaid principal balance (UPB)
The amount still owed on a loan, before any discount. A note bought at a discount to UPB is bought for less than the face amount still outstanding — the difference is one source of potential value, separate from any interest the note may continue to pay.
Special servicer
A licensed party responsible for collecting payments on a note, working with a borrower who has fallen behind, and managing the legal process if a loan needs to be resolved through foreclosure or a workout. For a buyer of existing notes rather than a originator of new ones, this role is often the practical bottleneck, not the capital to buy the file.
Loan-to-own optionality
The possibility that a note buyer ends up owning the underlying real estate — rather than simply collecting on the loan — if a workout with the borrower is not reached. It is a potential outcome built into buying certain notes, not a stated strategy or a claim that any particular file will end that way.
Clean file
A loan file with complete, verifiable paperwork — the note, the security instrument, the payment history, the chain of any prior transfers — establishing that the buyer's claim is what it appears to be. A file's condition, not just its price, is part of what is being bought.
What this page deliberately omits
- Any performance figure, preferred return, IRR or distribution rate.
- Any stated capital floor, subscription size or commitment amount.
- Any invest-now, subscribe-now or open-fund language.
- Any claim that a vehicle is formed or accepting capital.
Channel research on retail marketplaces and special-assets desks would stay human-only. Registration and outreach are not authorised by this page.
Elsewhere in this section
Programs is the hub. Build Capital Credit covers the broader lending front. Contact is the human path.