Loans secured by tokenized assets: income with the collateral in hand.
- Target net return
- 9–12% a year
- Loan-to-value
- 50% max, 35% average
- Loan term
- 6–24 months
- Minimum
- $100,000
Targets, not guarantees. Capital at risk. Figures are indicative until the fund documents are issued.
Collateral Lending Strategy
Collateral lending against tokenized assets means lending money against a position the borrower keeps, with the position pledged to the lender on its register or locked in escrow until the loan is repaid. The lender is protected by the gap between the loan and the value of the collateral, and by its right to sell the collateral if the borrower does not pay.
The strategy
Lend a fraction of the value, keep control of the collateral.
Founders, early investors and funds often hold valuable private-market positions they do not want to sell: shares in a company before its IPO, a SAFE before the next round, tokens before they unlock, or units in a fund. The strategy lends against those positions for 6 to 24 months.
Every loan starts at a conservative loan-to-value, set by how easy the collateral is to value and to sell: up to 50% for tokenized fund units and real-asset tokens, 35% for pre-IPO SPV units, 25% for SAFEs, SAFTs and locked tokens. The portfolio average targets 35%.
Before money moves, the collateral is pledged on its register, placed in custody or locked in escrow, with the issuer's or manager's consent where the documents require it. Valuations are reviewed at least quarterly, with margin triggers if the value falls.
Borrowers pay 10% to 15% a year plus an arrangement fee. After expected losses, costs and fees, that supports the 9% to 12% net target.
What the loans are secured by
Tokenized fund units
Units with a regular administrator valuation and a known redemption policy.
Real-asset tokens
Tokens backed by real estate, credit or infrastructure, valued by an appraiser.
Pre-IPO SPV units
Interests in SPVs holding late-stage company shares with a recent priced round.
SAFEs, SAFTs and locked tokens
Rights to future equity or tokens, escrowed at conversion or launch.
Collateral rules
Riskier collateral, lower loan-to-value.
Tokenized fund units and real-asset tokens
up to 50% loan-to-value
Regular valuation by an administrator or appraiser
Pre-IPO SPV units
up to 35% loan-to-value
Late-stage company, recent priced round
SAFEs
up to 25% loan-to-value
Reputable lead investor, recent valuation cap
SAFTs and locked tokens
up to 25% loan-to-value
Known unlock schedule; tokens escrowed at launch
Where the return comes from
How the target is built.
| Interest on loans: 10% to 15% a year, plus arrangement fees | +11% to +16.5% a year |
|---|---|
| Expected losses after selling collateral | −0.5% to −1.5% |
| Cash waiting to be deployed, and running costs | −0.5% to −1% |
| Management and performance fees | −1.5% to −2.5% |
| Target net return to investors | 9% to 12% a year |
Security
Five layers between your capital and a loss.
- 01
Value cushion
Loans start at 50% or less of the collateral value; the portfolio averages 35%.
- 02
Control of the collateral
Pledge recorded on the register, custody or escrow, so the collateral cannot move while the loan is open.
- 03
Consent and title checked
Issuer or manager consent, transfer restrictions and the borrower's title are verified before funding.
- 04
Margin triggers
Quarterly valuation; a top-up or part-repayment when the loan-to-value rises by more than 15 points.
- 05
Written sale process
For each collateral type, a sale route agreed before lending: secondary buyers, the issuer, or a redemption.
Portfolio rules
- No loan above 50% loan-to-value at origination
- Portfolio average loan-to-value target 35%
- No more than 10% of the fund with one borrower
- No more than 20% secured by one issuer's assets
- No retail borrowers; every borrower and asset screened
Key terms
The terms in one table.
- Target net return
- 9% to 12% a year in US dollars, after feesA target, not a guarantee.
- What it holds
- Senior secured loans to holders of tokenized fund units, real-asset tokens, pre-IPO SPV units, SAFEs, SAFTs and locked tokens
- Loan-to-value
- No loan above 50% at origination; target portfolio average 35%, so collateral is worth roughly three times the loan on average
- Loan term
- 6 to 24 months, fixed rate
- Protection
- Pledge on the register, custody or escrow; quarterly valuation; margin triggers; a written sale process for each collateral type
- Concentration limits
- No more than 10% per borrower and 20% per collateral issuer
- Distributions
- Quarterly, in US dollars
- Liquidity
- Semi-annual redemption with 90 days' notice after a 12-month lock-up; gates can apply
- Fees
- Management fee 1.5% a year; performance fee 15% of returns above an 8% hurdle
- Vehicle
- Fund units or notes recorded on a permissioned tokenized register
- Minimum investment
- $100,000
- Reporting
- Monthly loan tape: balances, loan-to-value, valuations, interest received, watch list
Targets are not guaranteed and are not a forecast. Capital is at risk. Each strategy is offered only through its fund or SPV documents, to eligible professional or accredited investors, where the law allows. Nothing here is an offer, investment advice or a recommendation.
Reviewed . Indicative terms; the fund or SPV documents prevail.
Risks
What can go wrong.
- Private-market collateral can fall in value faster than it can be revalued.
- Selling pledged collateral can take months, and the price can be lower than the last valuation.
- Issuer consent, transfer restrictions or a conversion can delay enforcement.
- Concentration in a few issuers or one sector can affect results.
- Legal enforceability of pledges differs between jurisdictions.
- Liquidity: redemptions are semi-annual and can be gated.
- Targets are not guaranteed.
Who it suits
Built for long-term private-market investors.
Private investors
Professional or accredited investors who want secured income with a visible collateral cushion.
Family offices
Private credit exposure to the growth of tokenized and private markets, without equity risk on day one.
Credit funds
Managers adding asset-backed lending to a diversified private credit book.
Protocols and platforms
On-chain allocators and platforms placing capital for eligible clients through a permissioned register.
How to invest
From first question to first report.
- 01
Request access
Tell us who you are and which strategy interests you. We reply within one business day.
- 02
Eligibility
We confirm you are a professional or accredited investor where you live. Some countries are excluded.
- 03
Dataroom
Review the strategy memorandum, terms, credit or investment policy and sample reports.
- 04
Subscribe
Through the fund or SPV documents, after the administrator's identity checks. Units are recorded on the register.
- 05
Reporting
Regular reports and distributions, with every document kept in the Dataroom.
Questions
Asked by investors.
What does the strategy lend against?
Tokenized fund units and real-asset tokens, pre-IPO SPV units, SAFEs, SAFTs and locked tokens. The borrower keeps the position and pledges it; the fund lends a fraction of its value for 6 to 24 months.
How much protection does the collateral give?
No loan exceeds 50% of the collateral value at origination, and the portfolio targets an average of 35%, so on average the collateral is worth around three times the loan. Riskier collateral gets a lower limit: 35% for pre-IPO SPV units and 25% for SAFEs, SAFTs and locked tokens.
What happens if the collateral loses value?
Valuations are reviewed at least quarterly. If the loan-to-value rises by more than 15 points, the borrower tops up the collateral or repays part of the loan. If the borrower defaults, the fund enforces the pledge and sells the collateral under a process written for each collateral type before the loan is made.
Why do borrowers pay 10% to 15% a year?
They are founders, early investors and funds who need liquidity without selling a position they expect to grow, often before an IPO, a token launch or a fund distribution. Banks rarely lend against these assets, so the rate reflects both the demand and the extra work on collateral.
What return does the strategy target?
9% to 12% a year in US dollars after fees, distributed quarterly. It is a target, not a guarantee.
How liquid is it?
Semi-annual redemption with 90 days' notice after a 12-month lock-up, with gates if many investors ask at once.
Why does tokenization matter here?
A pledge recorded on a token register or held by a smart-contract escrow is easier to verify and harder to bypass than a paper pledge: the collateral cannot be transferred while the loan is outstanding.
Other strategies
Compare with the other two.
Trade finance
Trade Finance Strategy
Short-dated loans against real shipments, repaid by the buyer's payment.
- Target net return
- 9–11% a year
- Average asset term
- 60–120 days
- Distributions
- Quarterly
- Minimum
- $100,000
Tokenized pre-IPO
Pre-IPO Strategy
Late-stage private companies through one SPV per deal, bought below the last round.
- Target gross multiple
- 2–3x
- Target entry
- 10–30% below last round
- Holding period
- 3–5 years
- Minimum
- $50,000 per deal
Read next
Read next
- Loans against tokenized assetsThe borrower side: who borrows, on what terms.
- Loans against SAFEs, SAFTs and SPV interestsHow pledges work for each instrument.
- Tokenized credit: the complete guideHow tokenized loans and notes are structured.
- All investor strategiesTrade finance, collateral lending and pre-IPO compared.
Targets are not guaranteed and are not a forecast. Capital is at risk. Each strategy is offered only through its fund or SPV documents, to eligible professional or accredited investors, where the law allows. Nothing here is an offer, investment advice or a recommendation.
Asset Haus provides the platform, the tokenized register and the Dataroom. Each strategy is managed by the fund manager named in its documents, which is responsible for investment decisions.