Real Estate•TBG Funding

Commercial Real Estate Portfolio VI

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Status

Closed

Recently funded

Accepting $20,000 - $1,000,000 investments

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Accepting $20,000 - $1,000,000 investments

Overview

Important Notes

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TBG Funding (“Originator”) has recently closed and funded three real estate backed bridge loans (“Portfolio or “Loans”) across four properties for an aggregate amount of $22.1M. YieldStreet is participating in $13.0M, or 59.0%, of the Portfolio and the remaining $9.1M, or 41.0%, is being held by the Originator and its investor syndicate. The Portfolio is primarily secured by a senior secured first lien or ownership interest in four underlying commercial properties (“Collateral”). Additional downside protections for the Portfolio include the assignment of property rents, collection of interest reserves and pledges of full recourse borrower personal guarantees.

The loan-to-value ratio of the Portfolio is 47.8%, which means that the aggregate amount of the Loans represents 47.8% of the diligenced valuation of the pledged Collateral. It is important to note that the Loans that make up the Portfolio are not cross-collateralized, which means that the performance of one loan does not provide additional security or benefit for the performance of the other two. For more information on this opportunity, please review the information provided in the remaining sections and download the Series Note Supplement.

Highlights

Asset Backed

Priority Position

Debt Service Coverage

Highly Structured

Experienced Originator

The weighted average loan-to-value ratio of the Portfolio is 47.8%, which means that the amount of the underlying Loans ranges between 42.2% and 56.1% of their collateral’s diligenced value.
The Loans are secured by either a senior secured first lien interest or an ownership interest in the underlying properties. Specifically, the ownership interest helps mitigate the risk of foreclosure in a default scenario.
The Originator required each borrower to fund an interest reserve in connection with their respective loan in the Portfolio. The reserve accounts for a portion of interest payments owed over each loan’s initial term.
Additional downside protections for the Portfolio include the assignment of property rents, collection of interest reserves and pledges of full recourse borrower personal guarantees.
TBG Funding has originated over $480M of real estate bridge loans with no principal loss.

Essentials

Please refer the Series Note Supplement in the Resources section for more details about this offering.

Default Risk

The Borrowers may default on their financial obligations.

The Originator has required each borrower to provide an interest reserve for a portion of the interest payments due over the course of the loan’s initial term upfront at the start of their respective loan.
Each of the borrowers in the Portfolio has a net worth in excess of $5.0M and is experienced in the real estate industry.

Foreclosure Risk

The underlying real estate assets may need to be liquidated to recover on defaulted loans.

Each of the underlying loans is secured by real estate and has an LTV ratio below 60.0%. The weighted average loan-to-value ratio of the Portfolio is 47.8%, which means that the aggregate amount of the Loans represents 47.8% of the diligenced valuation of the real estate Collateral.
The ownership interest in one of the loans allows the Originator to mitigate the risk of foreclosure by proceeding directly with the sale of property in a default scenario.
The Originator considers the lower of the third-party appraisal valuation and its own valuation when deciding to lend and when calculating loan metrics such as the loan-to-value ratio.

Borrower Risk

The Borrowers may not have represented themselves accurately.

A third-party service collects and reports the credit history of each borrower for the Originator’s review.
The Borrowers’ tax returns are reviewed to validate personal financial information submitted.
The Borrowers are personally liable for the loan, so any misrepresentations that harm the Originator will still be the responsibility of the individual borrower to remedy.
The Originator considers the underlying real estate to be the primary source of security. The Originator only proceeds with a loan if it can be secured by property solely and adequately regardless of the borrowers.

Returns & Management fees

Gross yield

10.0%

Yieldstreet fee

1.0%

Target yield

Schedule

Payment schedule

Monthly

Prefunded

Yes

Maturity

February 17, 2020

Structure

Tax document

1099-INT

Offering structure

BPDN

Expenses

First year expense

$100

Annual flat expense

$30

Slide 1 of 3

Returns & Management fees
Gross yield
10.0%
Yieldstreet fee
1.0%
Target yield
Login to view
Schedule
Payment schedule
Monthly
Prefunded
Yes
Maturity
February 17, 2020
Structure
Tax document
1099-INT
Offering structure
BPDN
Expenses
First year expense
$100
Annual flat expense
$30

Docs

Content

This offering page describes only certain aspects of the offering ("Offering") of the securities issued by YS AltNotes I LLC ("Issuer"). The Offering is made only by means of the Private Placement Memorandum dated January 14, 2022 and the Series Note Supplement relating to the Offering (collectively, the "Offering Documents"). The information on this offering page is a summary of the Offering, does not purport to be complete and should not be considered a part of the Offering Documents, or as incorporated in the Offering Documents by reference or as forming the basis of the Offering. No person has been authorized to give any information or to make any representations other than those contained in the Offering Documents or in any marketing or sales literature issued by the Issuer or Yieldstreet Management, LLC, as adviser thereto, and referred to in the Offering Documents, and, if given or made, such information or representations must not be relied upon. All investors must read the Offering Documents in their entirety prior to investing in the securities.

Investing in private markets and alternatives, such as this offering, is speculative and involves a risk of loss, and those investors who cannot afford to lose their entire investment should not invest. Returns are not guaranteed.

¹ Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All securities involve risk and may result in significant losses.

² Represents an average net realized internal rate of return (IRR) with respect to all matured investments in your portfolio, utilizing the effective dates and amounts to and from the investments and net of management fees and all other expenses charged to the investments. Past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. All securities involve risk and may result in significant losses, including the loss of principal invested.[read more]

³ "Annual interest," "Annualized Return" or "Target Returns" represents a projected annual target rate of interest or annualized target return, and not returns or interest actually obtained by fund investors. “Term" represents the estimated term of the investment; the term of the fund is generally at the discretion of the fund’s manager, and may exceed the estimated term by a significant amount of time. Unless otherwise specified on the fund's offering page, target interest or returns are based on an analysis performed by Yieldstreet of the potential inflows and outflows related to the transactions in which the strategy or fund has engaged and/or is anticipated to engage in over the estimated term of the fund. There is no guarantee that targeted interest or returns will be realized or achieved or that an investment will be successful. Actual performance may deviate from these expectations materially, including due to market or economic factors, portfolio management decisions, modelling error, or other reasons.

⁴ Reflects the annualized distribution rate that is calculated by taking the most recent quarterly distribution approved by the Fund's Board of Directors and dividing it by prior quarter-end NAV and annualizing it. The Fund’s distribution may exceed its earnings. Therefore, a portion of the Fund’s distribution may be a return of the money you originally invested and represent a return of capital to you for tax purposes.

⁵ Represents the sum of the interest accrued in the statement period plus the interest paid in the statement period.

⁶ The internal rate of return ("IRR") represents an average net realized IRR with respect to all matured investments, excluding our Short Term Notes program, weighted by the investment size of each individual investment, made by private investment vehicles managed by YieldStreet Management, LLC from July 1, 2015 through and including July 18th, 2022, after deduction of management fees and all other expenses charged to investments.

⁷ Investors should carefully consider the investment objectives, risks, charges and expenses of the Yieldstreet Prism Fund before investing. The prospectus for the Yieldstreet Prism Fund contains this and other information about the Fund and can be obtained by emailing [email protected] or by referring to www.yieldstreetprismfund.com. The prospectus should be read carefully before investing in the Fund. Investments in the Fund are not bank deposits (and thus not insured by the FDIC or by any other federal governmental agency) and are not guaranteed by Yieldstreet or any other party.

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