Real Estate Debt Fund for Verified Accredited Investors
Real Estate Debt Fund
Our Real Estate Debt Fund pools capital into 6–9 month senior residential loans. Verified accredited investors can participate from $25,000, with 6%–10% preferred-return tiers and monthly distribution or compounding options.
Preferred returns are not guaranteed. Investing involves risk, including possible loss of principal and illiquidity. Any offer is made only through official offering documents.
Operating continuously since 2020
The operating history below is current as of August 31, 2026. Historical experience does not guarantee future results.
Independent financial-statement audit
PIC Fund Manager, LLC and PIC Fund I, LLC’s consolidated financial statements for the year ended December 31, 2025 were audited by Assurance Dimensions, LLC, an independent licensed CPA firm. The auditor issued an unmodified opinion that the statements present fairly, in all material respects, the entities’ financial position and results in accordance with U.S. GAAP. Independent auditing adds an important layer of financial reporting discipline and transparency for prospective investors.
Earn Now. Plan for What Comes Next.
Income potential with flexibility built into the structure
The Real Estate Debt Fund is designed for passive investors seeking current income potential without committing to a traditional long-duration equity investment. Preferred returns of up to 10% are available based on the amount invested, and investors may elect to compound monthly returns.
The fund’s 90-day liquidity option is intended to provide a path to access capital in the future. Liquidity requests remain subject to the requirements, limitations, timing, and availability described in the official offering documents.
How lender-style returns can compound
Meet Mark and Elena. They put patient capital to work.
Mark and Elena are a fictional married couple created to show the mathematics of compounding, not the experience of actual investors. In this illustration, they invest $1,000,000 on June 1, 2020, make no withdrawals, and assume a 10% annual rate compounded monthly.
What compounding can change: each month’s assumed return is added to the balance. The following month’s calculation begins from that larger amount, allowing prior illustrative earnings to participate in future compounding.
- Starting capital
- $1,000,000
- Assumed start
- June 1, 2020
- Illustrative annual rate
- 10%
- Compounding
- Monthly
Updating the illustration…
It assumes a constant 10% annual rate for the entire period, compounded monthly, with no withdrawals, taxes, contribution changes, losses, or changes in rate. It assumes the fund and monthly compounding option remain available through each future year shown, which is not guaranteed. It does not establish that the 10% tier was available or earned during every month shown. The live counter interpolates between monthly compounding dates for illustration; actual account values do not update continuously. Preferred returns and principal are not guaranteed, and an investment can lose value. The official offering documents control all investment terms.
The Lending Strategy
Short-duration loans secured by real estate
PIC Fund I, LLC is the investing entity for our Real Estate Debt Fund. You participate through the fund rather than selecting and managing individual loans. Investor capital is deployed across a diversified portfolio of asset-backed residential real estate loans that help experienced borrowers acquire, improve, or reposition properties.
Senior real estate loans
Our loans are senior loans secured by real estate. Independent property valuations, title protection, borrower review, and personal guarantees are among the safeguards we use in underwriting.
Disciplined loan sizing
Properties generally must meet guidelines of 65%-75% of after-repair value. The portfolio has focused on loans below $250,000, with exceptions for highly experienced borrowers.
Diversified deployment
Capital is diversified across portfolio loans rather than tied to a single property. Principal programs include fix-and-flip, bridge, transactional, first-flip, and land-plus-manufactured-home loans.
Operating scale as of August 31, 2026
- 2,674 loans funded since the lending business began in June 2020
- $609,231,309 in cumulative loan volume
- $14-$16 million in monthly loan originations
- 51+ years of combined lending experience across our lending team
- $5.7 million+ invested by our general partner
Figures are current as of August 31, 2026. They are not guarantees of future performance.
The Borrower-Facing Platform
Rehab Wallet powers the lending side of the fund
Rehab Wallet serves as the exclusive borrower-facing lending platform for the Real Estate Debt Fund. Its vertically integrated team manages the lending lifecycle in house, providing direct visibility and continuity from the first borrower conversation through repayment or asset resolution.
Keeping these functions within one operating platform is designed to improve coordination, maintain consistent underwriting and servicing practices, and help the fund respond quickly when a loan requires additional attention.
Angela Dunn
Managing Director
Harris Jones
Director of Operations
Ana Teixeira
Director of Portfolio Strategy
Amanda Myers
Director of Compliance
Susie Balda
Director of SalesBorrower Experiences
What borrowers say about Rehab Wallet
Borrower feedback offers another view into the team, processes, and execution supporting the fund’s loan portfolio.
“Their approval process is efficient, their communication is strong, and funds are delivered quickly so renovations stay on schedule.”Melissa Searing · Google review
“We’ve completed several transactions with Rehab Wallet, from initial funding to resale and payoff.”Rita C · Google review
“I really appreciate Rehab Wallet’s simple and common-sense process!”James Killinger · Google review
Borrower testimonials describe individual experiences with Rehab Wallet. They do not represent investor results or guarantee future borrower, loan, or fund performance.
Preferred-Return Tiers
Choose an investment level
Our fund offers four preferred-return tiers based on the amount invested. Returns are not guaranteed and all eligibility, lockup, liquidity, and other terms are governed by the official offering documents.
A Straightforward Investor Journey
How this real estate debt fund works
Start by reviewing the offering materials, confirming eligibility, and deciding whether the fund’s income and liquidity profile align with your objectives.
Review the offering
Study the official offering memorandum, fund terms, fees, liquidity provisions, material risks, and independently audited financial statements.
Choose your approach
Select an investment amount and determine whether receiving or compounding monthly returns fits your plan.
Monitor your investment
Receive investor communications and evaluate future capital needs in accordance with the fund’s liquidity terms.
Structure Matters
One less layer of leverage between investors and the loan portfolio
Our fund does not borrow at the fund level. Investor capital is deployed across a diversified portfolio of short-duration, asset-backed real estate loans rather than being combined with a senior fund-level credit facility.
This avoids an additional creditor ahead of investors and removes the risk that fund-level debt could magnify portfolio losses or create margin and refinancing pressure. It does not make the investment risk-free.
Senior real estate loans
Our senior loans are secured by real property and remain subject to underwriting and collateral risks.
Short-duration lending
Our loans are structured for six to nine months, allowing capital to be recycled as borrowers repay.
Portfolio diversification
Investor capital is spread across portfolio loans rather than tied to the outcome of one property or borrower.
Risk layer removed
No fund-level lender sits ahead of investors, and the fund avoids leverage-driven margin calls, refinancing pressure, and amplification of portfolio losses.
Risks that remain
Borrower defaults, collateral-value changes, foreclosures, illiquidity, market conditions, delayed repayments, and possible loss of principal remain material risks.
Investor Eligibility
Is this opportunity a fit?
This Rule 506(c) offering is available only to verified accredited investors.
- You are a verified accredited investor.
- You understand private investments can be illiquid and involve loss of principal.
- You are seeking current income potential and value a monthly compounding option.
- You will review the official offering documents before making a decision.
Meet Investor Relations
Real people ready to help
Connect with members of the team who help investors understand the fund, review the offering process, and get answers to their questions.
Whitney Elkins-Hutten
Director, Investor Education
Chad Zdenek
Manager, Strategic Investor Partnerships
Rob Gallo
Director, Investor Relations
Emily Mooneyham
Manager, Investor ServicesRequest Offering Information
Review the fund details
Complete the investor interest form to request the offering materials, learn more about the independently audited financial statements, and speak with the Investor Relations team.
Frequently Asked Questions
Real estate debt fund FAQs
Are the fund’s financial statements independently audited?
Yes. Assurance Dimensions, LLC, an independent licensed CPA firm, audited the consolidated financial statements of PIC Fund Manager, LLC and PIC Fund I, LLC for the year ended December 31, 2025. The auditor issued an unmodified opinion that the statements present fairly, in all material respects, the entities’ financial position and results under U.S. GAAP. An audit provides reasonable—not absolute—assurance and does not guarantee investment performance.
Is the preferred return guaranteed?
No. Preferred returns are investment targets and are not guaranteed. Distributions may be reduced, suspended, or unavailable, and investors may lose principal.
How does monthly compounding work?
Investors may have the option to reinvest monthly returns rather than receive them as cash. The exact mechanics and availability are governed by the official offering documents.
Can I access my capital after 90 days?
The fund provides a 90-day liquidity option, but any redemption or withdrawal is subject to the fund’s terms, limitations, timing, available liquidity, and the controlling offering documents.
What does non-levered mean?
The fund is structured without fund-level borrowing. This reduces risks associated with leverage and senior fund creditors, but it does not remove the underlying risks of private real estate lending.
Who may invest?
The offering is available only to verified accredited investors. Learn more about accredited-investor qualifications.
What is the minimum investment and how do the preferred-return tiers work?
Our fund has a $25,000 minimum. Preferred-return tiers range from 6% for investments of $25,000-$99,999 to 10% for investments of $1,000,000 or more. The $500,000 tier carries a six-month minimum lockup, and the $1,000,000 tier carries a 12-month minimum lockup. Returns are not guaranteed, and current offering documents control all terms.
What types of loans does the fund make?
The strategy focuses on short-duration, asset-backed residential real estate loans, generally including fix-and-flip, bridge, transactional, first-flip, and land-plus-manufactured-home loans. Portfolio composition can change over time.
How are loans underwritten and secured?
Our loans are senior loans secured by real estate. Our underwriting process may include borrower background and financial review, independent property valuations, title protection, personal guarantees, and property guidelines generally targeting 65%-75% of after-repair value. These safeguards reduce certain risks but cannot eliminate defaults or losses.
What happens if a borrower defaults?
A default may lead to foreclosure or another workout strategy. Our senior loan position may provide remedies against the collateral, but recovery timing and proceeds are uncertain, and collateral value may be insufficient to avoid a loss.
What is the fund’s historical record for investor capital, distributions, and liquidity requests?
As of August 31, 2026, our fund has had no investor principal losses or suspended investor distributions since operations began in 2020, and has completed eligible capital-return requests within 90 days. These statements describe historical experience, are subject to applicable fund terms, and do not guarantee future results or liquidity.
What happens after I complete the investor interest form?
The Investor Relations team can provide additional offering information, discuss eligibility, and explain the process for reviewing the official documents. Submitting the form is an expression of interest and does not obligate you to invest.
Important Investment Information
This page is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offer may be made only through the applicable official offering documents, which control and describe investor eligibility, terms, fees, expenses, liquidity provisions, and risks. This Rule 506(c) offering is available only to verified accredited investors. Investing in private real estate securities involves substantial risk, including illiquidity and possible loss of principal. Preferred returns, distributions, liquidity, and investment performance are not guaranteed. Past performance does not predict future results. Review the offering documents in full and consult your own financial, legal, tax, and accounting advisers before investing.
Related passive investing resources
Continue your research with these related guides:
- For a broader overview, see Should You Still Be in a Real Estate Debt Fund Right Now? Here Is How to Actually Evaluate It..
- Next, review Choosing Between Multifamily Investments and Debt Funds: Finding the Right Fit for Your Portfolio.
- To compare the options, read Debt Fund Investing: An Insight into Rehab Wallet’s Strategies.
- For the risk perspective, explore Navigating Investment Risks: How We Manage Risk in Our Real Estate Debt Fund.