Centrifuge · BitGo · Underwriting Engine.

1. Executive summary

LDX Capital operates a dual-channel commercial lending platform: same underwriting, two execution paths. Traditional table funding when relationships and cadence win; tokenized pool funding when global capital, live reporting, and mechanical enforcement win. This document is the technical map senior investors and partner protocols need to size the platform.

2. Pool architecture (Centrifuge)

Pool topology

• One pool per program (bridge, perm, C-PACE) — clean investor mandate targeting.
• Two share classes per pool: senior (institutional) and junior (LDX-retained).
• Whitelisted-only transfers via ERC-3643 permissioned securities.
• Waterfall executed in code — deterministic, auditable, no trustee discretion.

Representative capital stack

Bridge pool baseline — 65/35 to 90/10 by program.

3. Custody (BitGo Bank & Trust, N.A.)

4. Data-room specification

Deal-level (per loan)

• Executed note, mortgage/deed of trust, and title policy
• Appraisal (MAI or state-certified equivalent)
• Sponsor PFS + entity documentation + credit file
• Environmental Phase I (Phase II if triggered)
• Rent roll, T-12, and stabilized pro forma
• Insurance evidence (property, GL, flood if applicable)
• Servicing setup: escrows, reserves, draw schedule

Pool-level (per share class)

• Weighted-average LTV, LTC, DSCR, and remaining term
• Geographic and property-type concentration
• Delinquency, modification, and loss history
• Pool-level Reg D 506(c) offering documents

5. Servicing feed (live NAV)

Instead of a quarterly PDF, LDX pools publish a machine-readable feed updated from actual collections:

• NAV — recalculated on every payment event, senior and junior separately.
• Collections tape — payment, escrow, and reserve movements per loan.
• Covenant monitor — DSCR, LTV, and reserve triggers evaluated on receipt.
• Cash trap — automatic diversion to senior when any covenant breaches.
• Distributions — computed by waterfall code, disbursed from BitGo vaults.

6. Underwriting engine & stress methodology

Program credit gates (enforced automatically)

• LTV / LTC caps per program
• DSCR floor per program (1.05x – 1.25x)
• Term ceiling · amortization · guaranty class
• Sponsor net worth ≥ requested loan and liquidity ≥ 10% of loan (recourse)

Three-scenario stress

A deal that passes the base case but fails any stress is downsized automatically — the platform returns the loan amount that clears every gate.

7. Regulatory posture

• Reg D 506(c) for senior share class — verified accredited only, no general solicitation limits.
• ERC-3643 permissioned securities — transfer restrictions enforced on-chain.
• BitGo Bank & Trust custody — OCC-supervised qualified custodian.
• KYC/KYB and Travel Rule executed via Centrifuge whitelist + LDX intake.
• State foreclosure law untouched — the underlying real property remedies are unchanged.

8. Nine-step funding lifecycle

1. Intake. Deal enters the LDX platform via app or API.
2. Auto-gate. Program credit box + stress suite run. Verdict + downsize returned.
3. Term sheet. Same-day indicative pricing on both channels.
4. Underwriting. Full file assembled — appraisal, title, PFS, environmental.
5. Committee. LDX credit committee signs off; junior tranche sized.
6. Pool subscription. Senior investors commit; capital cleared into BitGo vault.
7. Closing. Note funded from vault; title recorded; loan tokenized into pool.
8. Servicing. Payments hit vault; waterfall executes; NAV updates live.
9. Exit. Loan pays off or refinances; pool receives payoff; distributions sweep.

9. Integration surface