One loan, made bankable.
Single
One reference loan per note
2nd rank
Typically a second rank pledge
Mezz
Junior / mezzanine layer
The structure
A single reference, cleanly wrapped.
Reference
The note references a single loan agreement. Return is linked to that specific credit — no pooled book, no active management.
Use case
Built for mezzanine or junior capital — raise without diluting equity or triggering senior covenants.
Collateral
Typically a second rank pledge, sitting behind the senior bank financing in the capital stack.
Issuer
Same off-balance-sheet Sub-Association and Swiss ISIN as the AMC. ISP as Paying Agent, no bank issuer credit risk.
DECISION
When to use AMC vs CLN.
CHOOSE CLN WHEN
CHOOSE AMC WHEN
USE CASE
Anchor case — a Swiss real estate developer.
CLN QUESTIONS
CLN, in detail.
What does the note reference?
What does the note reference?
Where does it sit in the capital stack?
Where does it sit in the capital stack?
Can I use this alongside existing bank financing?
Can I use this alongside existing bank financing?
Does this require setting up a fund?
Does this require setting up a fund?
How is the CLN different from the AMC?
How is the CLN different from the AMC?
