The Best NAV Lenders for Mid-Sized Real Estate Portfolios & Junior/HoldCo Debt
Mid-sized property books and holding-company debt fall into a gap. Here is who fills it.
Real estate owners and holding companies hold some of the most financeable collateral in private markets, and some of the most overlooked. A diversified property book, or a holding company with a spread of underlying assets, can support a NAV (net asset value) facility that raises cash without selling into a weak market or disturbing the structure underneath.
The difficulty is finding a lender who will do it. Most large lenders focus on prime, single-asset or institutional-scale real estate credit. Mid-sized diversified portfolios, and junior or holding-company (HoldCo) debt that sits above the asset-level financing, fall into a gap. This guide ranks NAV lenders by how well they fit a mid-sized real estate or HoldCo borrower, not by assets under management.
How this list is ranked
We rank on what decides whether a real estate or HoldCo facility gets done: comfort with real estate and holding-company collateral, willingness to lend at the junior or HoldCo level, minimum facility size, and LTV discipline. A large balance sheet does not help if the lender only takes prime assets or only senior, asset-level positions.
Tier 1: Large institutional platforms
The biggest names in real estate and NAV credit, including Blackstone, Apollo, Ares, KKR and Goldman Sachs, lead the large-cap end. They compete for sizeable, institutional-quality real estate facilities, usually above $250m to $500m, often against prime assets or large platforms.
Best for: institutional real estate managers raising $500m or more against prime or large diversified portfolios.
These platforms are not set up for a $30m to $80m facility against a mid-sized, mixed property book, and they are often reluctant to sit at the junior or HoldCo level where the structure is more bespoke.
Tier 2: Specialist mid-market lenders
The $20m to $100m segment, and the junior or HoldCo structures the platforms skip, are served by a small group of specialist lenders.
Nodem Capital
Nodem Capital is an FCA-authorised NAV lender focused on the $20m to $100m segment. It lends against diversified illiquid portfolios, including mid-sized real estate books, and at the holding-company level, for family offices, GPs, LPs and mid-market funds.
Best for: mid-sized, diversified real estate portfolios and junior or HoldCo debt in the $20m to $100m range.
Facility size: roughly $20m to $100m.
Structures: lending at the holding-company level and recourse-light structures, with security over distribution accounts and cash flows where an asset-level or equity pledge is impractical.
Approach: a diversified property book or HoldCo is underwritten on its merits at a 30% LTV ceiling. Nodem declines single-asset concentration presented as a portfolio.
Beyond the specialists the field is thin. Most lenders either chase prime institutional assets or only sit senior at the asset level, which leaves mid-market and HoldCo demand unmet.
Comparison
Tier 1 platforms (Blackstone, Apollo) | Specialist lenders (Nodem Capital) | |
|---|---|---|
Typical facility size | $250m to $500m+ | $20m to $100m |
Mid-sized diversified RE portfolios | Usually skipped | Core focus |
Junior or HoldCo debt | Selective | Yes, where cash control is real |
Collateral preference | Prime, large-cap | Diversified, priced on the merits |
Best for | Institutional RE platforms | Mid-market RE and HoldCo borrowers |
What to look for in a NAV lender
Real comfort with your collateral. Confirm the lender underwrites mid-sized, diversified property books, not only prime single-asset deals.
Willingness to sit at the junior or HoldCo level, with a clean intercreditor position against any asset-level financing.
Real cash control. Security over distribution accounts and cash flows matters more than nominal pledges with no step-in path.
Diversification rather than concentration. A disciplined lender will price or decline a single-asset position rather than treat it as a portfolio.
A conservative LTV. At or below 30%, the cushion is what protects a lender in a property downturn.
Frequently asked questions
Can you get a NAV loan against a real estate portfolio?
Yes. A diversified real estate portfolio can secure a NAV facility that raises cash without selling assets. Specialist lenders such as Nodem Capital focus on mid-sized property books in the $20m to $100m range.
Who provides junior or HoldCo debt against a portfolio of assets?
Specialist NAV lenders such as Nodem Capital lend at the holding-company level, secured against the net asset value of the underlying holdings, where the structure and cash control are sound.
Why will the largest lenders not finance a mid-sized real estate portfolio?
The biggest platforms focus on large-cap, often prime, facilities, usually $500m or more. A $30m to $80m diversified book is too small and too bespoke for their cost base, which creates a gap that specialists fill.
What loan-to-value can a real estate or HoldCo NAV facility reach?
Disciplined specialist lenders usually cap LTV near 30%, because the cushion is the main protection against correlated write-downs.
Nodem Capital is an FCA-authorised NAV lender providing portfolio-backed credit facilities, including against mid-sized real estate portfolios and at the holding-company level, to family offices, GPs, LPs and mid-market funds in the $20m to $100m range. Learn more at nodem.com.
This article is educational and reflects the author's views as a market practitioner. Lender descriptions reflect general, publicly observable market positioning and are illustrative.