Second Mortgage Bridge · Ethereum Mainnet
Rescue capital for rehabs that ran out of money.
Haven Capital writes second-position bridge notes at 18% per annum to finish stalled fix-and-flip projects — then takes over construction and controls the resale. The loan book, the capital pool and every draw live on Ethereum in USDC.
- Note rate
- 18%
- Interest-only, accrued per second on-chain
- Default rate
- 32%
- Applied automatically past maturity
- Max CLTV
- 85%
- Senior debt + our note against ARV
- Origination
- 3%
- Withheld at each funded draw
Funding window
7–14 business days
From complete intake package to first released construction draw.
The gap we fund
A stalled rehab is not a credit problem. It is a completion problem.
Senior lenders won't advance
The first-position construction lender is fully drawn or has stopped funding. Nothing more is coming from that facility.
Conventional bridge won't refi
Standard bridge and DSCR lenders underwrite finished product. A partially demolished house has no exit they can price.
Carry cost keeps running
Interest, taxes and insurance accrue while the asset sits open to weather and vandalism, eroding ARV every week.
Default is the default outcome
Absent completion capital plus operational control, the borrower's equity is wiped out in a distressed sale or foreclosure.
Transaction lifecycle
Off-chain underwriting discipline. On-chain servicing and settlement.
Intake & triage
Borrower submits the stalled project: senior balance, spend to date, remaining cost to complete, and ARV. Underwriting math runs live against the 85% CLTV ceiling.
Credit committee
Site inspection, title and lien review, contractor bid validation. Term sheet in 3–5 business days; funding in 7–14.
On-chain origination
The approved note is booked to the pool contract with committed principal, term, ARV and a hash of the recorded second-lien package.
Inspected draws
Principal never leaves the pool in a lump sum. Each construction milestone releases its own draw, net of the origination fee, once inspection clears.
Takeover & completion
When the borrower cannot continue, Haven's construction desk assumes the rehab. Optional first-mortgage payment takeover protects the collateral from foreclosure.
Listing & settlement
In-house brokerage controls the exit. Sale proceeds settle on-chain: principal first, then accrued interest, with the residual retained for capital partners.
Revenue architecture
Five streams on a single asset.
Haven is paid to lend, to build, and to sell. Profitability is tied to the property actually closing — the same outcome the borrower needs.
Two doors, one loan book.
Borrowers submit a stalled project for underwriting. Accredited capital partners request whitelisting to fund the pool in USDC and share in note interest and exit proceeds.