Short-duration credit, built on real assets and proven builders.
CL Asset Management Group originates, funds, and actively manages first-lien residential construction loans, aligning sponsor and investor capital under institutional governance.
CL Asset Management Group is the manager of Cascara RTL Fund 1 - a joint venture between Cascara Capital and Level Capital that unites disciplined origination with an institutional-grade servicing platform.
A repeatable model for asset-backed income.
Secured, first-lien credit
Senior, first-lien loans backed by real assets, with conservative loan-to-value and loan-to-cost discipline.
Short duration, high turn
Six- to twenty-four-month loans that recycle capital quickly, enhancing liquidity and limiting exposure.
Proven borrowers
Lending to experienced, repeat homebuilders with established track records and clear exit strategies.
130+ combined years across mortgage banking, private credit, and homebuilding.
Built for allocators who value discipline.
Accredited investors can request the deck, fact sheet, and offering materials, or speak with our investor relations team about the current offering.
Residential Transition Lending
Short-duration, asset-backed loans that finance the construction and repositioning of for-sale housing - an essential, structurally undersupplied corner of the U.S. credit market.
Capital where banks have retreated.
Small and mid-sized builders construct the majority of new American homes, yet face limited access to traditional bank financing. We provide senior, first-lien loans secured by real assets, structured to the realities of a builder's timeline without sacrificing underwriting discipline.
Capital is deployed across three complementary loan types, diversifying risk while keeping the portfolio short in duration and high in turnover.
Demand for housing continues to outpace supply.
"NAHB's members, most of whom build 10 or fewer homes per year, construct approximately 80% of all new housing in the United States each year."
Alicia Huey, 2023 Chairman, National Association of Home Builders3
Five disciplines that govern every loan.
Disciplined proprietary credit approach4
An in-house methodology for originating, structuring, and managing credit risk, refined across multiple market cycles.
Active asset management
Continuous oversight from funding to exit, with proactive monitoring of construction progress and borrower performance.
Short duration, high-turn portfolio
Loans of 6 to 24 months recycle capital rapidly, enhancing liquidity and limiting exposure to any single project.
Experienced borrower base
A focus on proven homebuilders with established track records, repeat relationships, and clear exit histories.
Targeted geographic focus
Concentration in supply-constrained, high-growth markets where household formation outpaces available housing.
Identified risks, deliberate mitigants.
Risks are inherent to residential transition lending. We seek to mitigate them through disciplined practices applied across origination, servicing, and fund structure, with sponsor capital invested alongside investors.
Market & Real Estate
Housing cycles, interest rates, local supply & demand, regulation, competition.
Experienced repeat borrowers, conservative underwriting, disciplined market analysis.
Credit & Fund
Borrower defaults, non-performing loans, leverage, blind-pool structure.
Proprietary credit approach, diversified portfolio, active asset management.
Liquidity & Structural
Illiquidity of units, redemption limits, valuation subjectivity, conflicts.
Evergreen structure with quarterly redemptions, third-party reporting, sponsor co-investment.
This summary of risks is not exhaustive. Please refer to the Fund's PPM for a full discussion of risk factors.
How we construct the portfolio.
Target Loan Characteristics
- Size
- $500K - $5M
- Term
- 6 - 24 months
- Target LTV
- 65% (max 70%)
- Target LTC
- 75% (max 85%)
Target Borrower Profile
- Experience
- 5+ years
- Volume
- 5 - 50 starts / year
- Credit
- 700+
- Track record
- Repeat, proven exits
Geographic Diversification
Core focus: Washington, Oregon, Idaho, Arizona & Texas
Selective: Southeast & Mountain West growth markets. Rural locations avoided.
Collateral Types
Single-family residences, townhomes, and select land parcels with near-term construction plans.
Figures represent target characteristics designed to reduce risk and support consistent performance. Actual loans may vary based on borrower profile, collateral, or other underwriting considerations.
Vertical Construction Loan - Pasco, WA
The loan
- Loan size
- $1,148,412
- Term
- 12 months
- LTV / LTC
- 69.98% / 68.11%
- Exit strategy
- Sell
- Builder credit
- 709 · 15 yrs exp.
The outcome
- Loan paid off in 6 months
- Property sold for $2,000,000 - $359,000 above appraised value
- Final LTV of 57.42%
- Borrower returned for their 23rd project
This case study highlights an actual loan originated by Level Capital and is provided as a sample of the type of financing the Fund seeks to acquire. It is not part of the Fund's portfolio. Past performance is not indicative of future results.
See the strategy in practice.
Cascara RTL Fund 1 puts this approach to work for accredited investors.
View the OfferingCascara RTL Fund 1, LLC
A short-term residential construction lending fund, managed by CL Asset Management Group.
A privately managed evergreen fund specializing in first-lien residential construction loans.
The Fund is managed by CL Asset Management Group, LLC - a joint venture between Cascara Capital and Level Capital. This partnership combines Cascara's strength in sourcing and originating high-quality builder relationships with Level's established servicing platform, credit oversight, and nationwide borrower network.
Together they form a vertically integrated platform that can source, fund, and actively manage construction loans at scale - seeking consistent, asset-backed returns while addressing the growing demand for U.S. housing.
An evergreen design built to compound.
A continuous structure with institutional oversight, designed for flexibility, ongoing deployment of capital, and disciplined governance - with principals co-investing alongside investors.
Commitments
Investors subscribe into fund shares; capital is deployed into senior, first-lien loans backed by real assets.
Alignment
Principals co-invest alongside investors, reinforcing disciplined underwriting.
Oversight
Institutional-grade governance for transparency, accountability, and risk management.
Liquidity
Quarterly redemptions provide flexibility while fund-level reserves maintain stability.
Evergreen
Ongoing subscriptions and reinvestment keep capital deployed and returns compounding.
Key terms at a glance.
Full terms and conditions are set forth in the Fund's PPM.
Competitive advantages.
Vertically integrated
Integrated origination and servicing across $436M+ in active loan portfolios.1
Strategic borrower relationships
293 repeat builders driving a consistent, proprietary deal pipeline.3
Fund priority access
First right of refusal on all Cascara and Level originations.
Speed & flexibility
Capital structured to meet builders' timelines without sacrificing discipline.
Institutional risk controls
Continuous oversight from funding to exit, with proactive monitoring.
Established platform
Profitable, proven businesses supporting the Fund.
Sponsor capital invested alongside members.
Investors receive priority returns before sponsor participation. The structure is built for compounding growth, led by principals with $28B+ in combined mortgage and construction loan production through their prior companies.
Request fund materials.
Accredited investors can request the deck, fact sheet, and Private Placement Memorandum, or speak directly with our investor relations team.
A platform built by lenders, for disciplined credit.
CL Asset Management Group, LLC is the manager of Cascara RTL Fund 1 - formed through a joint venture between Cascara Capital and Level Capital.
We provide institutional oversight, governance, and disciplined lending practices that align sponsor and investor capital - backed by platforms with a combined $1.9B+ in originations and a SOC 1 Type I1 audited servicing infrastructure.
Two proven platforms, one integrated lender.
Cascara Capital
The Sponsor of the Fund. Sources and originates high-quality builder relationships through proprietary, off-market deal flow across the Western U.S.
Level Capital
A private portfolio lender providing the servicing platform, credit oversight, and nationwide borrower network behind the Fund, backed by an audited control environment.
Industry veterans across the credit cycle.
Brett Moreland
Brett brings more than 30 years in real estate finance and private credit. He founded Cascara Capital in 2015, where he leads credit strategy and underwriting discipline, building deep, proprietary borrower and builder relationships. His conservative, cycle-tested approach to originating and managing first-lien construction loans anchors the platform's risk management and asset performance.
Keith Tibbles
Keith brings more than 35 years in mortgage banking and private lending as an operator of institutional-grade platforms. He founded and exited three companies, including Cobalt Mortgage, which reached $25B+ in loans before its 2014 acquisition. His cycle-tested underwriting standards anchor Level Capital's construction lending platform and builder relationships.
Ernie Gehre
Ernie brings more than 35 years in origination and sales leadership across the mortgage, housing, and finance sectors. As Co-Founder of Level Capital, he drives origination strategy, building on his track record scaling Cobalt Mortgage into a leading independent mortgage company. His borrower, broker, and builder relationships across the Western U.S. fuel deal flow.
Smokey Burns
Smokey brings more than 28 years building, scaling, and exiting companies across the marketing, media, and technology sectors. As Co-Founder and Principal of Cascara Capital, he leads capital formation, investor relations, and strategic positioning for the platform. His operational discipline and track record of four founder exits drive Cascara Capital's scalability and growth initiatives.
Institutional-grade standards.
SOC 1 Type I Servicing
Independent audit verifying the design of internal financial control systems.
Independent Audits
Annual fund audit and investor K-1s, with quarterly NAV calculations.
Transparent Reporting
Quarterly performance reports designed to meet institutional requirements.
Third-Party Review
Independent due-diligence report available through FactRight.
Let's talk.
Connect with our team to learn more about the platform and the current offering.
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Contact UsPerspectives on private credit and housing.
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Contact UsGet in touch.
Speak with our investor relations team or request materials on Cascara RTL Fund 1.
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Office
11250 Kirkland Way, Suite 100
Kirkland, WA 98033
Service partners
Managing Broker Dealer
MiT Associates LLC
Outside Counsel
Nelson Mullins Riley & Scarborough LLP