Private Credit

Not all Private Credit is Equal

Not all private credit is equal. The headline losses at Tricolor and First Brands landed on bank balance sheets, not private credit funds, but a real risk does sit inside the asset class: roughly half of US private credit is lent to private equity backed borrowers, much of it against future earnings rather than hard collateral. Steven Nathan explains why SWAN Wealth Management lends against US multifamily housing instead.

Negative Leverage Is Fading, Creating the Best Multifamily Credit Opportunity in a Decade

Negative leverage is fading in US commercial real estate, and as those deals unwind a large refinancing gap has opened for owners who bought between 2020 and 2022 on floating rate bridge debt. Steven Nathan on good assets carrying capital structures that no longer work, and why that is creating the best US multifamily credit opportunity in a decade.

From Zero-Rate to Zero-Equity: The Case for Defensive Private Credit in U.S. Housing

US interest rates have more than doubled in three years, and roughly $770bn of US multifamily loans mature between 2025 and 2027. Steven Nathan sets out the resulting private credit opportunity for South African investors: not distressed property, but good quality rental housing financed in an era of ultra low rates.

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