What is Parlo
Parlo lends to profitable US roll-ups, companies that grow by buying established small service businesses. Investors fund those loans through notes and receive fixed monthly payments.
Thousands of profitable US small businesses change hands every year as their owners retire. The buyers are often roll-ups: operators who acquire several businesses in one industry and run them as a group. They need senior debt to finance each acquisition, and fast. Banks take months and stop around $5M, and large private credit funds don't look at deals this small. A founder who wants to grow ends up chasing lenders instead of running the business.
Parlo finances these acquisitions one at a time. Every target business is underwritten individually, every loan is senior secured, and every note is tied to a specific loan you can see.
Where to start
Why roll-ups
A roll-up buys small, profitable businesses in one industry and runs them as one bigger company. Think 20 HVAC shops, 15 dental clinics or 30 accounting firms under one roof. Every step of that plan needs debt.
The math is simple
Small businesses sell cheaply because buyers are few and the owner is often retiring. A larger group is bigger, safer and easier to finance, so the market pays more for each dollar of its profit. Buy small, combine, and the same dollar of profit is worth two to three times more.
AI makes it stronger
Bookkeeping, scheduling, billing, customer support and reporting can now be run by software across every acquired company. Each business keeps its customers and gets cheaper to run. Large investors are building these AI roll-ups now in accounting, IT services and home services.
Large capital is already moving in
- General Catalyst has set aside $1.5B for AI roll-ups.
- Thrive Holdings has raised $3B+ to apply AI across accounting and IT services firms it buys.
- Crete Professionals Alliance has $500M to buy accounting firms.
Every one of these buyers needs debt to buy the next company. Equity alone makes each acquisition too expensive.
Why a roll-up is a good borrower
We lend to a roll-up once, then keep lending as it grows. A typical facility is $10–50M, drawn in $1–10M tranches. Before each draw we check the target, and we only fund targets that already have revenue and profit. The new business pays from the first month, and the group's total profit grows with every tranche.
- Better information. By the third tranche we have a year of monthly data on the borrower.
- Repeat deals. One relationship turns into five or ten loans, which is how a small team handles a large book.
- A natural exit for investors. New investors come in on new tranches and can buy earlier notes. When the group is big enough, a bank or a large credit fund refinances the whole facility and everyone is paid out early.
Where the money for ~14% comes from
We size the loan to the cash the business has left after taxes, maintenance and working capital, not to its headline profit. One acquisition, simplified:
| Amount | |
|---|---|
| Business bought | $4.0M (4x of $1.0M yearly profit) |
| Buyer's own equity / Parlo loan | $2.0M / $2.0M |
| Loan terms | 14% a year, 60 monthly payments |
| Yearly payment to Parlo | ~$558k |
| Cash left after taxes, maintenance and working capital | ~$850k |
| Cover | ~1.5x the payment, ~$290k to spare |
Stress test. If that cash falls 25%, cover drops to about 1.14x; at 35% it falls below 1.0x. That is why we require at least 1.5x cover at closing and set covenants that trigger well before that point. The business pays us from profit it already makes, before any growth or AI savings.
Example only. Every deal is sized to its own cash flow, so the loan share, equity and cover differ from deal to deal.
The borrower's problem
A roll-up needs debt for every new acquisition, and it needs it fast. Today getting that debt is slow, and it pulls the founder away from running the business.
How it works today
- Banks are slow and capped. A bank takes months to decide, and SBA loans stop at $5M and take 60–90 days.
- Large funds don't look. Big private credit funds start at deals of $20M and more.
- Every acquisition starts from zero. A new target often means a new search for a lender, new paperwork and a new wait.
- The founder becomes a paper-chaser. Instead of running the company, they fill in forms, chase bank clerks and often pay advisers $20–50k a month.
- Deals slip away. A seller may take another buyer while a lender deliberates.
The lender side isn't working well either. A salaried credit officer reviews piles of documents from hundreds of companies by hand. A small loan takes as much work as a large one, so it is slow and not worth their time.
What Parlo changes
| How it's done today | How Parlo does it | |
|---|---|---|
| Collecting documents | Emails, PDFs, WhatsApp, weeks of back and forth | One upload flow; AI agents read statements, contracts and tax returns |
| Checking the numbers | An analyst rebuilds the financials by hand | Agents rebuild them and flag gaps; a credit officer reviews and decides |
| Bank data | A few statements, months old | Read-only access to the borrower's bank account, live |
| The next acquisition | A new lender search | A new draw on the same credit line |
| Time to an answer | Months | A first credit answer within days of a complete file |
Humans make every credit decision; agents make sure nothing is missed.
Why a good borrower pays ~14%
A roll-up pays for a lender that answers in days, commits to the whole acquisition plan and funds each new target from one line. That certainty lets it win deals against other buyers. The rate is higher than a bank's, but the total cost of getting the deal done is lower, and the founder keeps running the company.
Why the US small-business market
Lending to small businesses in the US is an old, deep industry with established buyers, rules and courts. That changes what a default means for a lender.
A business keeps its value even when it struggles
In many markets, a small business in trouble is hard to sell. In the US, there is an established market for buying and selling businesses of every size: business brokers, independent sponsors, search funds, private equity firms, strategic buyers in the same industry, and SBA-backed buyers with access to government-guaranteed loans.
A service business that misses its targets still has customers, contracts, trained staff, equipment and a local reputation. A competitor or another roll-up will buy it, at a lower price. That price is what protects a senior lender, and it is why we lend only a part of what the business is worth.
A generational handover
A large share of US small businesses are owned by people approaching retirement. Many have no family successor, so the business is sold to an outside buyer. This creates a steady supply of profitable, established businesses for sale, and steady demand for acquisition financing.
Predictable creditor rights
- Standard security law. Liens on business assets are registered under the Uniform Commercial Code (UCC) and are publicly searchable before we lend.
- Established courts. US bankruptcy and enforcement procedures are well tested, and senior secured lenders are paid first.
- Deep service-provider bench. Accounting firms, collateral agents, servicers and turnaround specialists exist for every step of a deal.
Why the gap exists
Large private credit funds focus on bigger companies, where a single loan can deploy tens or hundreds of millions. Banks are limited by regulation and standard products. Deals in the $5–50M range sit between the two, and borrowers in this segment pay higher rates for reliable capital.
Why now
Three things that each cut a big cost arrived at the same time.
Stablecoins make money global
An investor in Seoul or São Paulo can send dollars in minutes, any day, without a US bank account. Monthly interest can go back the same way.
Tokenization makes ownership cheap to track
A note recorded on a blockchain register can be issued, paid and transferred without a back office of clerks. That is what lets a smaller ticket make sense.
AI makes credit work cheap
Reading financial statements, bank data and contracts used to take an analyst days per deal. Figure cut its cost to originate a loan to about $730, against an industry average of $11,230 (Figure prospectus, 2025).
Terms at a glance
Typical terms of a Parlo note. Each deal has its own term sheet; the numbers below are indicative.
| Term | Typical value |
|---|---|
| Instrument | Fixed-rate registered note tied to one acquisition loan |
| Investor yield | ~10% fixed, per year |
| Payments | Monthly, starting the first month after funding |
| Principal | Returned monthly as the loan amortizes |
| Loan term | Up to 5 years; average life of capital ~2.8 years |
| Security | First lien on the acquired business and guarantees from the borrower group |
| Leverage | Senior debt sized to the business's cash flow, typically up to ~2.25x verified EBITDA |
| Debt service cover | At least 1.5x at closing |
| Junior capital below the loan | Sponsor equity plus a subordinated seller note |
| Reserve | Cash reserve funded at closing, sized per deal |
| Reporting | Monthly financials and covenant status |
| Currency | USD or USDC |
| Who can invest | Accredited US investors and eligible non-US investors, after KYC |
| Parlo's income | Spread of about 4% a year, paid after noteholders, plus a 2% origination fee paid by the borrower |
Life of a loan
Each loan finances one specific acquisition. There are no blind pools: you know which business your money buys.
A credit line that grows deal by deal
A roll-up usually buys several businesses over time. We approve a credit relationship with the group, but every new acquisition is a separate draw that has to pass underwriting on its own. If a target doesn't meet our standards, we don't fund it.
As the group grows, every new business adds its own cash flow and assets to the collateral that secures the earlier loans.
Payments start immediately
Payments begin the first month after closing. Investors don't wait for a construction period or a ramp-up. Each payment includes interest and a part of the principal, so capital starts coming back from month one.
Capital stack
Our loan is never the only money in a deal. Others put capital in below us and lose it first.
Illustrative acquisition: a service business with $2.5M EBITDA bought for $10M (4.0x EBITDA).
What this means in numbers
- The business would have to lose about 45% of its value before the senior loan is impaired.
- Senior debt is 2.2x EBITDA, within our ~2.25x limit.
- EBITDA covers interest on the loan about 3.2x and full debt service, interest plus principal, about 1.6x.
Keeping the seller note junior
A seller note protects us only if it is truly subordinated. Our deals require:
- A subordination agreement: the seller ranks below Parlo by contract.
- Payment blocking: if a covenant is breached, payments to the seller stop and cash goes to the senior loan.
- A standstill: the seller cannot enforce on the business while our loan is outstanding.
- Earn-outs to the seller also rank below our loan.
Figures are illustrative. Every deal is structured to its own cash flow, so the senior share, sponsor equity and seller note vary from deal to deal. Each deal's actual stack is shown in its term sheet.
The math
What a $100,000 note earns, and when the money comes back.
Loans are repaid in equal monthly payments over 5 years, like a mortgage: each monthly payment covers interest and part of the principal. Principal comes back to investors every month, so the balance earning interest falls over time.
Example: a $100,000 note on a 5-year amortizing loan, investor yield 10%.
| Year | Principal returned | Interest received | Still invested at year end |
|---|---|---|---|
| 1 | $14,851 | $9,336 | $85,149 |
| 2 | $17,069 | $7,752 | $68,080 |
| 3 | $19,618 | $5,931 | $48,463 |
| 4 | $22,548 | $3,839 | $25,915 |
| 5 | $25,915 | $1,434 | $0 |
| Total | $100,000 | $28,292 | — |
Average life: ~2.8 years, not 5
Because principal comes back every month, the average dollar is invested for about 2.8 years. About half of the capital is back by the end of year 3. You can reinvest returned principal into new notes or take it out.
Where the yield comes from
| Item | Per year, approx. |
|---|---|
| Borrower pays on the loan | ~14% |
| Noteholders receive | ~10% |
| Parlo spread: servicing, monitoring, legal, platform | ~4% |
Parlo also charges the borrower a one-time origination fee of about 2% at closing. Our income depends on loans being repaid: we earn the spread only while the borrower keeps paying.
Illustration assumes the loan is repaid on schedule, with no defaults, prepayments or fees to the investor. Actual payments follow each loan's schedule.
Payment waterfall
Every month, the borrower's payment is distributed in a fixed order.
Parlo's spread comes last. If a borrower pays less than in full, noteholders are paid before Parlo earns anything.
The interest reserve
At closing, a cash reserve, sized per deal, is set aside in a reserve account. If the borrower's cash flow dips temporarily, for example during integration after an acquisition, the reserve keeps noteholder payments on schedule while the issue is fixed. The reserve buys time; the protection for principal comes from the capital stack and the lien.
Underwriting
Most lenders look at three financial statements. We look at the business. Every acquisition goes through three stages, and most targets don't make it through.
Stage 1: Screening
- The sponsor. The roll-up's track record, prior acquisitions, how it integrated them, and how much of its own capital goes into each deal.
- The target. At least three years of operating history, stable EBITDA, an industry we understand, no single customer dominating revenue.
- The fit. Does this acquisition make the group stronger, or only bigger?
Stage 2: Deep diligence
Financial truth, not reported numbers
- 36 months of monthly P&L, balance sheet and cash flow.
- Proof of cash: bank statements reconciled to reported revenue, month by month.
- Tax returns cross-checked against the books.
- Receivables aging: is revenue actually collected?
- Independent Quality of Earnings (QoE) review by a national accounting firm. On prior deals our team has engaged firms such as Grant Thornton for this work. The QoE normalizes EBITDA, tests every add-back and sizes working-capital needs.
Revenue quality
- Customer concentration: the top 10 customers' share of revenue.
- Retention and cohorts: do customers come back year after year?
- Contracted, repeat and one-off revenue, measured separately.
- Pricing history: is growth real, or one recent price increase?
Customers
- Reviews, complaint history and reference calls with customers.
- Why customers leave, and to whom.
People and operations
- Owner dependence: does the business run without the seller?
- Key employees and retention plans; technician and staff turnover.
- Licenses and certifications held by individuals.
- Wage pressure and the hiring market in the region.
Legal and risk
- UCC lien searches, litigation, permits and insurance coverage.
- Deferred capex: is equipment about to need replacing?
Stage 3: Structuring and approval
- Senior debt capped as a multiple of QoE-verified EBITDA.
- Debt service covered at least 1.5x at closing, with room for a bad year.
- Sponsor equity and a subordinated seller note below our loan.
- Interest reserve funded at closing.
- Financial covenants with early-warning triggers.
- Final approval by the credit committee.
What makes a good borrower
Revenue quality matters more than revenue size. A $2M EBITDA business with recurring, essential, diversified revenue is a better credit than a $5M business built on one-off projects.
| Strong credit | Average | Weak credit | |
|---|---|---|---|
| Revenue type | Recurring service contracts, often required by regulation | Repeat, not contracted | Project-based, one-off |
| Examples | Fire and life-safety inspection, commercial HVAC maintenance, pest control, commercial landscaping contracts | Residential plumbing and HVAC repair, accounting practices | Remodeling, new-construction subcontractors, discretionary services |
| Customer base | Thousands of customers, none above 5% | Diversified, less sticky | One or two large customers |
| Demand | Has to be done in a recession | Mostly essential | First to be cut in a downturn |
| Owner dependence | Run by a management team | Partly owner-led | Owner holds the key relationships |
- Service agreements that renew automatically
- Revenue required by inspection or compliance rules
- Customers who have stayed 5+ years
- A second-in-command who already runs operations
- Cash conversion close to EBITDA
- One customer above ~15% of revenue
- Revenue grows while cash stays flat
- Add-backs make up a large share of adjusted EBITDA
- The owner personally does most of the sales
- High staff or technician turnover
- Growth from a single recent price increase
- Aging equipment with no capex budget
Covenants
Covenants are the rules the borrower agrees to for the life of the loan. They let us act early, long before a missed payment.
Financial covenants
| Covenant | What it measures | Typical level |
|---|---|---|
| Maximum senior leverage | Senior debt ÷ trailing EBITDA | Typically ~2.25x at closing; set per deal |
| Minimum debt service coverage | Cash flow ÷ interest and principal due | ≥ 1.5x at closing; trigger set per deal, well above 1.0x |
| Minimum liquidity | Cash the group must hold at all times | Set per deal |
| Capex limits | Spending that could drain cash | Set per deal |
Operating covenants
- Reporting: monthly financials, quarterly compliance certificates, annual reviewed or audited statements.
- Restricted payments: no dividends to owners and no payments on the seller note while a covenant is breached.
- Additional debt: no new debt that ranks equal or senior to ours without consent.
- Change of control: a sale of the group or loss of key management triggers review.
- Insurance and licenses kept in force, with the lender named on key policies.
Equity cure
If a financial covenant is missed, the sponsor can put in more equity to bring the ratio back. Owners add their own money before lenders take any loss.
Levels are typical ranges. Each deal's covenants are set in its loan agreement.
Monitoring
Underwriting doesn't stop at closing. We watch every borrower monthly and act on trends, not on missed payments.
What we track
- Monthly financials within 30 days of month end.
- Bank data: read-only access to operating accounts, so reported revenue can be checked against actual cash.
- Covenant tests every quarter, with a compliance certificate signed by management.
- Operating signals: customer churn, receivables aging, staff turnover, large one-off expenses.
Watchlist
Covenants met with headroom. Standard monthly review.
Headroom shrinking or a negative trend. More frequent calls with management, deeper review, a plan agreed with the sponsor.
Covenant breached or a payment at risk. Restricted payments stop, the reserve may be drawn, enforcement options are prepared.
What investors receive
Monthly: payment status and the remaining balance of each note. Quarterly: borrower performance against covenants and the watchlist status of each loan.
If something goes wrong
Most problems are caught early and fixed. If they aren't, a senior secured lender has the strongest position in the deal.
Why recovery is realistic
- The loan is senior: sponsor equity and the seller note, about 45% of the price in our example, absorb losses first.
- The collateral is a working business with customers, contracts and staff. There is an active market of buyers for such businesses in the US.
- Guarantees from the rest of the borrower group mean the lender can look to the whole group, not only the business that struggled.
Who acts for noteholders
Security rights are held by a collateral agent on behalf of noteholders. Enforcement follows the loan and security agreements under US law.
How to invest
Notes are offered privately, deal by deal, to eligible investors.
Who can invest today
- US investors: accredited investors, under a private placement exemption.
- Non-US investors: individuals and entities eligible in their country, under an offshore exemption.
- Family offices and funds: direct allocations across several deals.
More countries and investor types are added over time. See the roadmap.
Liquidity
Private credit is not a savings account. Here is exactly how and when your money comes back.
Built-in: monthly principal
You don't wait until maturity. Each month a part of your principal comes back: about 15% in year 1 and about half by the end of year 3. See the math.
Transfers
Notes are transferable to other eligible investors. We help match sellers with buyers, but we don't promise a buyer or a price. Until there is a regular secondary market, plan to hold a note until it amortizes.
Prepayment
If a borrower repays early, for example when the group is sold or refinanced, noteholders get their remaining principal back at once.
Taxes for non-US investors
Notes are structured so that non-US investors can receive interest without US withholding tax, if they qualify.
US tax law has an exemption for portfolio interest: interest paid to eligible non-US persons on registered debt can be exempt from US withholding tax. Parlo notes are fixed-rate registered notes designed to qualify.
What you need to do
- Provide a W-8BEN (individuals) or W-8BEN-E (entities) form before your first payment.
- Confirm you are not a 10% owner of the borrower and not otherwise excluded.
Why notes pay a fixed rate
Interest that depends on the borrower's profits or performance can lose the exemption. That's why notes pay a fixed rate, and why any additional upside, if offered, sits in a separate instrument.
Legal structure
Each deal is held separately, so one loan's problems stay with that loan.
How money moves
- Notes paid from one loan. Investors hold fixed-rate notes paid only from the loan they funded.
- Collateral for that loan's investors. A collateral agent holds the lien for the noteholders of each series.
- Rules, not trust. Borrowers pay into a controlled account. An independent administrator applies the payment order: investors first, then fees. Parlo never holds investor money.
- KYC on every wallet. Where notes are recorded on a blockchain register, only verified wallets can hold them.
What happens if Parlo shuts down
The loans don't belong to Parlo's operating company. They sit in the deal series, with security held by the collateral agent for noteholders. If Parlo stopped operating, a backup servicer would take over collecting payments and the loans would continue on schedule.
Summary only. The offering documents for each deal govern.
Current pipeline
Two credit lines, about $80M in total, have been underwritten. First draws are expected in the coming months.
| Deal A | Deal B | |
|---|---|---|
| Borrower | US home-services operator: six licensed trades (HVAC, appliance repair, electrical, plumbing, pest control, landscaping) in 30+ states | US family entertainment operator |
| History and size | 15 years, built without institutional capital; $19M revenue and $2.0M EBITDA in 2025 | Operator of family entertainment venues expanding through acquisitions |
| Facility | $45M, drawn per approved acquisition | $40–50M, drawn per approved acquisition |
| Plan | 8–10 acquisitions over 4–5 years: owner-run firms with $2–8M revenue and $0.5–2M EBITDA, bought at 3–5x EBITDA | Acquisitions of operators in its sector, each funded as a separate draw |
| Each acquisition | Parlo senior loan 65%, buyer equity 20%, subordinated seller note 15% | Senior loan per purchase, sized to the target's cash flow |
| Edge | Own AI platform for call handling, dispatch and back office; a homeowner membership that drives repeat work; COO previously ran 11 acquisitions at a PE-backed home-services platform ($200M+ revenue) | The CEO/CFO took a company public and, as CFO, led a $270M sale; the CEO of the venues business is a former CFO of a major studio's TV division; the president of operations grew a national family entertainment chain from $30M to $300M revenue |
| Security and term | Pledge of 100% of the equity in the operating company and every company acquired; 5–7 years, prepayment allowed | Senior secured; terms per draw |
| Stage | Underwriting done; first draws in the coming months | Underwriting done; first draws in the coming months |
Borrowers are not named until they consent. Figures are company-reported and unaudited; terms are indicative.
Team
One of us sees the deals, one of us builds the product fast.
Anton Trunin, co-founder, deals and underwriting
Former managing partner of ABRT, a venture holding with three unicorns in its portfolio; has reviewed 100+ PE and 1,000+ VC deals. Former M&A director at Marzo Roofing, where he closed 2 acquisitions. Has sat on the boards of US businesses with $200M+ in combined revenue and advises buyers on roll-up strategies and acquisitions. Underwrote the credit lines in our pipeline.
Vlad Baimurzin, co-founder, product, tech and distribution
12+ years building startups as engineer and founder, including fintech and DeFi. Two startups acquired, one by a Lightspeed-backed company. Earlier built a P2P crypto payments service that bootstrapped ~$30M a year.
How we work
We build AI-first: agents do the reading, checking and reporting, so a small team can run a large book. Next on the team: an advisor with credit-risk and workout experience.
Roadmap
We widen access step by step: more countries, more investor types, more platforms. Every step opens only after its legal setup is in place.
Who can access Parlo, by phase
Club deals, deal by deal
- Two credit lines underwritten; first draws in the coming months.
- Fixed-rate notes for US accredited investors and eligible non-US investors, placed first with family offices and investor groups.
- Setting up for the first close: independent QoE, collateral agent, administrator, backup servicer and monthly reporting.
Notes onchain
- Notes issued as tokens, transferable only between verified holders.
- Payments in USDC to investor wallets.
- Distribution through onchain partners such as aggregators and vault curators.
More countries and investor types
- Licensed partner platforms and placement agents in Europe, the Middle East and Asia.
- Feeder structures for funds and family offices.
- Lower minimum tickets where local rules allow.
Portfolio and liquidity
- A diversified product across many borrowers and industries.
- Secondary trading among eligible holders.
- Notes accepted as collateral in onchain lending markets.
- Rails for other lenders: independent sponsors and small lenders bring their own deals onto Parlo.
Phases describe our plan. Timing depends on regulatory approvals, partners and deal performance.
Risks
Private credit pays more than deposits because it carries real risk. Here are the main ones.
- Credit risk. A borrower may fail to pay. Recovery may take time and may return less than full principal.
- Concentration. A single note depends on a single borrower group and industry.
- Liquidity. There is no guaranteed secondary market. Plan to hold notes as they amortize.
- Platform risk. Parlo is a new platform without a long repayment history. The structure is built to keep loans running if Parlo stops operating.
- Legal and tax. Rules on private placements, tokenized securities and withholding tax can change.
- Onchain risk. Where notes are held as tokens, smart-contract and wallet risks apply.
- No insurance. Notes are not bank deposits and are not insured by any government agency.
FAQ
Questions we hear most often.
What exactly am I investing in?
A fixed-rate note tied to one senior secured loan. The loan finances a specific acquisition by a US roll-up. You see the business, the capital stack and the terms before you invest.
Who are the borrowers?
Profitable US groups that buy and run established service businesses: inspection, maintenance, home and commercial services. Not startups.
Why would a good borrower pay ~14%?
Because speed and certainty win deals. Banks take months and stop around $5M; large funds don't look at deals this small. We answer within days of a complete file and fund every acquisition from one credit line, so the founder keeps running the business. See The borrower's problem.
Has any loan been funded yet?
Not yet. Two credit lines, about $80M in total, have been underwritten, with first draws expected in the coming months. See Current pipeline.
Why ~10%? What's the catch?
Borrowers in the $5–50M segment pay around 14% because banks and large funds serve them poorly. The catch is real: this is illiquid private credit with default risk. See Risks.
When do I get my money back?
Every month. Payments include principal from the first month, and the average dollar is invested for about 2.8 years on a 5-year loan.
What happens if the borrower doesn't pay?
The interest reserve keeps payments going at first. Covenants let us act early. If needed, the collateral agent enforces the first lien and noteholders are paid before anyone else. See If something goes wrong.
Who checks the numbers?
Our team, plus an independent Quality of Earnings review by a national accounting firm on every deal, and bank data checked against reported revenue.
What happens to my money if Parlo shuts down?
Loans sit in a separate deal series, not in Parlo's operating company. A replacement servicer takes over and the loans keep paying on schedule.
Can I sell my note early?
Notes are transferable to other eligible investors, and we help match buyers and sellers. We don't guarantee a buyer.
Do I pay US tax as a non-US investor?
Notes are designed to qualify for the US portfolio interest exemption, so eligible non-US investors can receive interest without US withholding. Your own country may tax it. See Taxes.
How does Parlo make money?
An origination fee of about 2% from the borrower at closing and a servicing spread of about 4% a year, paid after noteholders in the waterfall.
Who can invest and what's the minimum?
US accredited investors and eligible non-US investors after KYC. Minimums are set per deal.
How is this different from DeFi lending pools?
Yield comes from real businesses paying interest on secured loans, not from leverage or token incentives. Each note is tied to one loan you can inspect.
This site is for information only and is not an offer to sell or a solicitation to buy any security. Offers are made only to eligible investors through offering documents.