Sharing a real underwriting example here so you can see exactly how we protect capital at Aces Capital. Two key points about our structure: - We share that we only lend in 1st position, so our capital sits senior to all other debt. - We lend under the âas-isâ valueâ of the property, not some optimistic future number, which builds in a clear margin of safety if things donât go as planned. - By combining senior position with conservative asâis value, we actively mitigate downside risk while still targeting strong, consistent returns. If you want to walk through the underwriting, check out the example Iâm sharing now!