The Fund originates and acquires short-duration, first-lien mortgage loans secured by transitional residential real estate, lending to experienced builders and operators executing defined construction, renovation and repositioning plans. Transitional lending is the stated core business. The Fund also originates longer-term DSCR loans on stabilized rentals that it intends to sell rather than hold, and may develop or complete properties acquired through foreclosure (REO). Loans are underwritten on collateral value, borrower capacity and plan viability, with recorded liens, third-party appraisals, completion and interest reserves, and hazard and lender's title insurance. Returns are sought from contractual interest income, not appreciation.