Look for four things. A proven track record across market cycles, not just one good year. Working relationships with the national servicers, where day-to-day performance is won or lost, as well as bespoke relationships with lawyers and property contractors. In-house loss mitigation expertise, so workouts are designed and executed by those with skin in the game rather than outsourced blindly. Transparent governance with reporting you can read, decisions you can trace, and a manager who tells you when an asset is not going to plan.

First Lien Capital manages investments in all 50 states with institutional-grade servicer surveillance, delivers loss mitigation and resolution workflow through its sister companies First Lien Resolutions and UCLS. Ask any manager you are evaluating to walk you through one loan from acquisition to resolution; the answer tells you most of what you need to know.