Protocol documentation
How the rescue pool works on-chain
Underwriting, title work and lien perfection happen off-chain, where they legally must. Capital custody, share accounting, interest accrual and the settlement waterfall happen in a single audited contract so capital partners can verify the loan book themselves.
Note rate
18%
Default rate
32%
Max CLTV
85%
Origination fee
3%
Contract constraints
Whitelist-gated deposits
Only addresses the manager has whitelisted can deposit, and each address carries an individual cap. Deposits above the cap revert. Accreditation and KYC are verified off-chain before the whitelist write.
Share accounting
The first deposit mints shares 1:1 with USDC. Later deposits mint pro rata against total assets, so accrued interest already collected accretes to existing holders rather than being diluted away.
85% combined LTV ceiling
Origination reverts when the senior mortgage balance plus committed Haven principal exceeds 85% of after-repair value. The check is enforced in the contract, not just in underwriting spreadsheets.
Draws, not lump sums
Committed principal stays in the pool. Each inspected construction milestone releases its own draw net of the origination fee, so undrawn capital keeps earning for the pool.
Per-second accrual with default switch
Interest accrues per second at 18% on drawn principal. Past maturity the accrual rate switches automatically to 32% without any manager action.
Redemption from idle capital only
Investor redemptions are paid from idle capital. Capital deployed into live notes cannot be pulled out from under a borrower mid-rehab; redemption queues until draws are repaid or a note settles.
Settlement waterfall
Applied identically on payoff, resale and foreclosure settlement.
1
Outstanding principal
Drawn principal returns to the pool first, restoring investor capital.
2
Accrued interest
Interest accrued to the settlement timestamp, at note or default rate as applicable.
3
Advanced protective costs
Senior mortgage payments Haven advanced during takeover, plus completion costs funded by the construction desk.
4
Residual to the pool
Any remaining resale profit is retained by the pool for capital partners.
Deployment
Network
Ethereum mainnet (chain 1)
Settlement asset
USDC · 0x02ff…2e43
HavenRescuePool
Not yet deployed. The pool address is published here once the audited deploy lands; until then the capital pool interface runs in read-only mode and whitelisting proceeds off-chain.
Glossary
- Rescue bridge
- A short-term second-position note that restarts a stalled rehab rather than financing a new purchase.
- Construction takeover
- Haven's desk assumes the remaining scope when the borrower cannot finish, protecting collateral value.
- First-mortgage takeover
- Haven advances the senior payment to hold off foreclosure while the exit is executed.
- Exit control
- In-house brokerage lists and sells the finished asset so settlement is not left to the borrower.