You have chosen a preferred investment strategy that will:

• Prefer higher returns over security, your returns will be higher, but will also be more volatile because you assume the first loss in the event of a partial recovery on defaulted loans
• An investment of £100,000 may generate a target return of £112,000 within 12 months, but you are at increased risk of loss if projects do not achieve full exit value.
• Some projects may not achieve full value. In this situation, Junior tiers take the first losses, and their returns are more volatile than those of the more senior tiers, which are lower, but more stable.