Build Secured Income Fund I

The bitcoin-backed direct lending fund

A direct lending private credit fund seeking to offer investors modest income. Backed by collateralized personal and business loans.

Key Statistics

Lending Program Historically

%

Average Loan-to-Value (LTV)

%

Net Charge-Offs

Loan Originations (USD)

Service Providers

Investment Advisor

Loan Servicer

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Potential for Improved Collateral

The quality and liquidity of the collateral securing a loan can impact its capability to protect capital in the event of default. Faster resolution times and higher recovery rates are critical to maintaining a conservative risk profile.^†

Unchained lending program history since program’s inception in 2017. Data through December 2022.
^† There is no guarantee these trends will continue in the future.
¹ Source: Moody’s. Time period: 1982 – 2004.
² Source: S&P Global. Time period: 2019 – 2022.
³ Source: Moody’s. Time period: 2021 – 2022.
⁴ Source: S&P Global. As of March 2022.
⁵ Source: S&P Global. As of February 2023.
⁶ Based on Unchained historical loan performance. 2017 – October 2022.

Loans are collateralized by a Specified Unit of Beneficial Interest (the “SUBI”), a UCC Article 8 Security, issued by UC Secured Assets Trust. The SUBI is backed by Bitcoin that the Borrower must deposit into a multi-signature three-way vault. Loans are typically less than one year in duration and have 2.5x collateral to the borrowed amount. While the manager does not anticipate holding Bitcoin because the Servicer is expected to immediately liquidate any Bitcoin pledged as collateral for any Loan in the event of Borrower default, the fund may hold Bitcoin for various periods of time. The volume of loans available, the interest rate earned on loans, and the value of the Bitcoin backing the loan collateral are all based on the Bitcoin market.