The 21-Day Rolling Note, Constitution Notes, and the Constitution Real Estate Credit Fund are all ways to invest with Constitution, but they differ in what they invest in, how long your capital is committed, and how liquid they are.
The 21-Day Rolling Note is our most liquid product. It's tied to warehouse financing, giving investors access to a type of lending that's traditionally only been available to major financial institutions, and it requires just 21 days' notice to withdraw. It's designed for capital you want working short-term, whether you're deciding on your next investment or simply want quicker access to liquidity.
Constitution Notes are tied to a specific real estate loan. Each Note has its own term and yield based on the underlying deal, and repayment depends on that specific loan performing, they're not diversified across a broader pool of assets.
The Constitution Real Estate Credit Fund is our diversified, professionally managed fund, investing across a portfolio of performing and non-performing real estate loans. It carries an 18-month lock-up and requires 90 days' notice for withdrawals after that, in exchange for exposure to a broader strategy targeting higher long-term returns.
The 21-Day Rolling Note is built for liquidity, Constitution Notes are built for exposure to a specific loan, and the Fund is built for diversified, longer-term growth.