Nodem Completes $30m NAV Facility for a UK Real Estate Family Office
A family office with concentrated real estate holdings used a NAV facility to fund new LP commitments and bridge upcoming capital calls across three funds.
Transaction Overview
Nodem Capital completed a $30m NAV facility for a UK-based family office. The borrower manages a portfolio concentrated in commercial real estate fund interests and direct property holdings, supplemented by allocations to private credit and infrastructure funds.
The family office faced capital calls across three funds within a six-month window. Rather than liquidating real estate positions at a discount or drawing down its liquid reserve, the family used the NAV facility to bridge the gap until expected distributions arrive from two maturing funds in 2027.
Why This Structure
Banks had declined to lend against the portfolio due to the concentration in illiquid real estate vehicles and the absence of listed securities as collateral. Nodem underwrote the facility at a higher loan-to-value than a typical PE-only portfolio, reflecting the quality of the underlying real estate assets and the visibility of near-term cash flows from maturing positions.
Facility Details
Facility size: $30m
Borrower: UK-based single-family office
Collateral: Commercial RE funds, private credit, infrastructure LP interests
LTV: Up to 30% (higher ceiling for diversified RE portfolios)
Interest: PIK with optional early repayment
Duration: 2 years, aligned to expected distributions
Use of proceeds: Capital call bridge across three fund commitments
Time to funding: 3 weeks
About Nodem Capital
Nodem Capital is a specialist NAV lender providing portfolio-backed credit facilities, typically $10m to $100m and above, to family offices, GPs, and private funds. Nodem is authorised and regulated by the Financial Conduct Authority. For enquiries, contact abranton@nodem.com or visit nodem.com.
For definitions of the terms used in this case study, see the NAV lending glossary.