some info, page-3

I am a bit confused by the CRE loans but my understanding is this.

The loans have been arranged by the "warehouse provider" who is Credit Suisse (according to page 14 of the REU latest report). The warehouse provider appears to have lent money to REU on a line of credit and REU has lent it on to the various projects. The problem that I see is that the money that REU has borrowed (or at least some of it) can be demanded back on 364 days notice but it is not clear if REU can demand the same back from the people it has on lent the money to. So if REU gets asked to pay the money back we may end up in a RAMS situation where the money borrowed (and needing to be repaid) has been borrowed on shorter terms than it has been lent. That could be unpleasant.

I'll be interested to know what the security is for that loan.