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Iron Bridge Mortgage Fund LLC

Sponsored by Iron Bridge Lending·

Residential RE· Debt· LP · 0 classes· ● High· PPM v1· Updated 2mo ago
2 data notes
Unusual structureLow-confidence extraction
Run the numbers
Composite
61.2
median 53 +9
Pref Return
10%
median 9.0% +1.0%
LP Take (Base)
91.4%
median 88.1% +3.3%
GP Commit
0.0%
median 0.0% +0.0%
Min Investment
$50K
ticket size
Offering Size
$50M
target raise
Cascade · Distributions

Where each dollar goes

$875K
LP $800K · Fees $75K · GP $0
GROSS PROCEEDS$875KGPFFees to Manager$75,000 · 8.6% of grossLPT1Return of Capital$500,000 · 57.1% of grossLPT2Preferred Return (10%)$250,000 · 28.6% of grossLPGPT4Residual Split (100% / 0%) · 5.7%Limited Partners · $50KGeneral Partner · $0pool fully distributed
Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →

Deal diligence6 findings · worst high

Automated checks across the fund's extracted PPM. Every finding is shown with the evidence it's based on — proven numbers or a verbatim quote and page.

Waterfall structure

Structural checks run against Iron Bridge Mortgage Fund LLC's extracted waterfall. Each is a deterministic test — the numbers shown are proven from the PPM, not estimated.

A 10% preferred return is stated but no waterfall tier pays it

Medium

Key economics declare a preferred return, yet none of the extracted distribution tiers reference a pref/hurdle or carry a threshold rate. A pref that lives only in the summary — not the distribution mechanics — may not be contractually enforceable.

90% confidence

Diligence gaps

Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.

DDQ gap: Does the fund engage an independent auditor?

High

The offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: Does the fund have a GP clawback provision?

High

The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: What is the LP/GP carried-interest split above the preferred return?

High

The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: Does the fund use a third-party fund administrator?

Medium

The offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: What is the GP's capital commitment (skin in the game)?

Medium

The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ readiness

How much of a standard institutional due-diligence questionnaire this fund's offering documents answer out of the box. Gaps are questions an allocator will ask directly.

54%
Coverage
7 answered1 partial5 gaps13 questions
Economics
  • What is the preferred return (hurdle) rate offered to LPs?Preferred return of 10%.Answered
  • What is the LP/GP carried-interest split above the preferred return?Gap
  • Is there a GP catch-up, and at what rate?No GP catch-up.Answered
  • Does the fund have a GP clawback provision?Gap
  • What is the GP's capital commitment (skin in the game)?Gap
Structure
  • What distribution-waterfall structure does the fund use?1 distribution tier(s) extracted; structure type not classified.Partial
  • What is the fund's investment strategy / asset class?Debt · Residential REAnswered
  • What is the fund's vintage year?Vintage 2015.Answered
  • What is the target offering size?Target offering of $50,000,000.Answered
  • What is the minimum LP investment?Minimum investment of $50,000.Answered
Fees & Expenses
  • Is the fund's fee schedule disclosed (management fee, etc.)?2 fee line item(s) extracted from the offering documents.Answered
Governance
  • Does the fund engage an independent auditor?Gap
  • Does the fund use a third-party fund administrator?Gap

Fee scheduletaken before LP distributions

Total load 3.00%
Fee
Trigger
Basis
Rate
Origination Fee
0.00%

Service providers3 gaps

Legal Counsel
Gap
Not disclosed
No independent counsel named for investors. Common in small syndications where Manager and Fund share counsel — reduces independence. Verify during diligence.
Auditor
Gap
Not disclosed
Audit intent not stated in PPM. Ask the sponsor: will the fund be audited, by whom, and on what frequency?
Fund Administrator
Gap
Not disclosed
No third-party fund administrator referenced. Manager likely handles admin internally — common for <$10M raises but reduces independence.
Placement Agent
OK
No placement agent engaged
No placement agent engaged. Direct placement by Manager — no placement fees eat your invested capital.

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