Who is the issuer ?

The project owner who borrows from investors

In the context of private property debt, the issuer is the property operator – usually a property developer or property dealer – who requires funding to carry out their project.

How does the relationship between the issuer and the investor work?

The issuer issues a bond, which is subscribed to by investors on the platform. In practical terms, each investor lends a sum of money to the issuer, who in return undertakes to:

• Pay interest throughout the term of the loan
• Repay the capital invested upon completion of the project

A separate legal status from that of the operator in the broader sense

The issuer may be a company set up specifically to carry out the transaction (an SCCV, for example), separate from the overall structure of the operator managing it. It is this issuing company, and not the operator as a group, that is legally obliged to repay the investors.

Updated on: 17/09/2026