F Street Private Debt Fund review: 16 years of 10% monthly payments, and what sits behind them

What the fund is

The F Street Private Debt Fund is an income investment from F Street, a Milwaukee-based real estate investment, development and lending firm. Investors lend money to the fund through a promissory note and receive a fixed 10% annual return, paid monthly. The fund uses that capital to make short-term, first-lien loans to real estate investors through F Street’s lending business, The Hard Money Co., mostly for buying and renovating properties.

Key terms: a $50,000 minimum, accredited investors only under Regulation D Rule 506(c), investment through cash, self-directed IRAs, solo 401(k)s, trusts or entities, and, since June 2024, an option to reinvest monthly payments to compound returns. F Street says investors receive quarterly performance reports.

As a private placement, the fund’s full terms, financial statements and loan data are provided to investors in the offering documents rather than published. This review does not treat the lack of public detail as a weakness; instead, it lists what to request.

The sponsor

F Street was founded by Scott Lurie, a Milwaukee native who began investing in real estate after returning to the city in 2004. His F Street group spans lending, development, property management and hospitality. F Street says it manages over $761 million in assets across more than 60 properties in 14 states, with 42 realized deals; in October 2025 it described a $647 million real estate portfolio. Its development projects include The Forty Two at The Brewery District and the Lakeshore Commons housing development in Oak Creek, and Lurie was named one of Wisconsin’s most influential business leaders.

How the structure works

The fund lends to borrowers at hard money rates. F Street’s own podcast describes fix-and-flip loans at about 15% interest, while investors in the fund receive 10%. F Street keeps the difference, which also gives it a cushion: if some loans go bad, F Street’s spread absorbs losses before investors’ fixed payments are affected.

That design has two consequences investors should understand:

• No upside. Investors receive 10% whether the lending business earns 12% or 20%.
• Creditor position. Investors hold promissory notes, so their protection depends on what the notes are secured by and where they rank against other lenders. In 2026, F Street closed a $75 million credit facility with First Citizens Bank to expand the fund’s lending capacity. Bank credit lines are typically senior, which would mean the bank is repaid ahead of noteholders if the fund ran into trouble.

The lending behind it

According to lending data from Private Lender Link, F Street originated about $112 million across 210 loans in the past 12 months, with an average loan of about $184,000 and about $473 million in total loans originated. Lending is concentrated in the Midwest: 135 of those 210 loans were in Wisconsin, followed by Michigan, Illinois and Ohio.

F Street says it reviews more than 400 loan requests a month, uses a geo-tagged app to verify renovation progress before releasing draws, and recorded no defaults in 2025. The Hard Money Co. holds a 4.8 rating from 204 Google reviews from borrowers.

Track record

F Street says the fund has paid its 10% return every month since 2009, on the last business day of each month. Its fundraising has also outpaced its targets: in December 2024 it announced it had raised over $30 million against a $24 million goal, and in October 2025 it announced another $30 million raise and opened $5 million of additional capacity because of demand. F Street has also described the fund as a $100 million vehicle and launched separate “Edge” and “Sync” vehicles that let investors of $5 million or more choose individual loans.

Claims versus records

Key risks

• Credit risk: hard money borrowers are often investors with tight budgets and timelines. A housing downturn could raise defaults and slow resales.
• Regional concentration: most loans are in Wisconsin and nearby Midwest markets.
• Ranking: a senior bank credit line could rank ahead of noteholders.
• Sponsor dependence: payments depend on F Street’s lending business and overall financial health.
• Fixed return: 10% is attractive today, but investors do not share in higher earnings.
• Liquidity: redemption terms should be confirmed in the offering documents.

What investors say

We found no lawsuits, regulatory actions or investor complaints involving the Private Debt Fund or its payments.

Strengths and concerns

Strengths

• A 16-year record of monthly payments, consistent across all sources.
• A large, active lending operation with independently reported volume.
• A spread between loan rates and investor payments that cushions losses.
• Strong demand, a major bank credit facility and strong reviews.
• Clear terms and an option to compound returns.

Concerns

• Fixed return with no upside.
• Possible subordination to the bank credit facility.
• Heavy concentration in the Midwest.
• Marketing language that can sound like a guarantee.

Who it suits

Questions to ask before investing

1. Are the promissory notes secured, and by what?
2. How do the notes rank against the First Citizens Bank credit facility?
3. What are the note term and redemption rules, and what happens if many investors redeem at once?
4. What were default and loss rates in each year since 2009, including 2020 and 2022 to 2024?
5. Are the fund’s financial statements audited, and by whom?

What would change our verdict

• Confirmation that notes are secured and how they rank relative to the bank facility;
• audited financial statements and historical loss data;
• clear, investor-friendly redemption terms.

With clear security and ranking, this fund could move into the Strong band.

What to request in the offering documents

• The note agreement, including security and ranking.
• Audited financial statements for the fund.
• Loan-level performance and historical default and loss data.
• Redemption and liquidity terms.
• The terms of the First Citizens Bank credit facility as they affect noteholders.

Verdict history

October 15, 2026 · Initial review · Mixed (7.4)

Sources

• F Street raises $30m for private debt fund (Alternative Credit Investor, October 2025)
• F Street raises $30 million for Private Debt Fund (F Street, October 2025)
• F Street raises over $30 million in Private Debt Fund (F Street, December 2024)
• Private Debt Fund news archive (F Street)
• About F Street (F Street)
• F Street brands (F Street)
• Investment waitlist and active offerings (F Street)
• F Street lender profile (Private Lender Link)
• F Street investor reviews (Invest Clearly)
• F Street’s Capital Gains Club podcast (Apple Podcasts)
• The Hard Money Co. team and reviews (The Hard Money Co.)
• F Street Investments aka The Hard Money Co (BiggerPockets)
• Scott Lurie, Wisconsin 275 (BizTimes)
• New developer will salvage long-delayed Masonic Center redevelopment (Urban Milwaukee, October 2026)