Instrument Structure

• 100% of the deals to be debt focused with fixed returns from coupons and redemption premiums. Within this:
  • ~75 - 80% of the portfolio to be focused on self-liquidating residential real estate projects
  • ~20 - 25% of the portfolio may also participate in security backed special situations deals that could have commercial Assetss/ other physical collaterals
• Typically 2 - 3 year deals; with amortising loans
• Endeavour to create a diversified portfolio
• Single company exposure limited to a maximum of 25% of the fund

Transactions

• A mix of transactions at various stages; the fund will largely focus on post approval projects and not take land stage risks unless backed by existing cash flows
• Business cash flows are base case exit routes for loans i.e. non-capital markets correlated

Focused Product & Customer Strategy

Opportunistic high yield secured credit to:

• Tier 2 & 3 developers predominantly in Chennai, Bangalore, Hyderabad & to a smaller extent, other select micro markets like Pune/ Mumbai for early stage working capital needs/ refinancing on-going projects backed by mortgage + cash flows

Medium yield secured credit to:

• Tier 1 developers for corporate funding backed by cash flows
• Select Tier 2 & 3 developers for construction finance and working capital purposes (i.e. relatively lower execution risks) backed by mortgage + cash flows