Arrived (Private Credit Fund) 2025 Comprehensive
Review and Ranking

New To The Review (rating pending first full survey...see below)

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What is Arrived?

To avoid the financial conflicts-of-interests that are rampant on virtually every other review site, I DON'T accept any money from any outside sponsor or platform for ANYTHING (including but not limited to affiliate ads, advertising etc.). See code of ethics  for more.

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Arrived is a site that specializes in residential real-estate (and specifically, single family residential and vacation rentals). The company is also notably funded by Amazon founder Jeff Bezos and SalesForce founder Marc Benioff. 

Arrived offers three different types of investments:

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1. Real-estate equity investments in single-property deals

2. Real-estate debt investments in a diversified fund (the "Arrived Private Credit Fund").

3. Real-estate equity investments in a diversified fund (the "Arrived Single Family Residential Fund") .

Since these products are so different, a separate review is being done for each one.

This is the second of three Arrived reviews and is about the Arrived Private Credit Fund.

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What's the latest investor feedback on Arrived Private Credit Fund?

Arrived Private Credit Fund is a new-comer to the Real Estate Crowdfunding Review. So it hasn't yet accumulated a large enough number of investors to provide meaningful survey results (which are used to gauge investor satisfaction and produce rating/ratings). Now that it's been reviewed, that will presumably change in the future. And Arrived investors will be surveyed the next time the site surveys are updated.

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How does Arrived Private Credit Fund work?

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The Arrived Private Credit Fund is a diversified portfolio of debt investments. It targets first position loans in residential real-estate. And it focuses on new construction loans, bridge loans,  and renovation loans. Arrived says it targets loans lasting 6 to 36 months on average and ranging from $100k to $500k in size. ​​

After 6 months, the investor has the option to redeem. Like most debt funds, there is no guarantee that this will be honored and is subject to Arrived’s discretion (which is called “gating” of withdrawals).  Gating typically happens on many funds during downturns and/or when the fund is not performing well.

If a redemption is granted, there can also be an additional redemption fee:

• First 6 Months: No Redemptions

• 6 Months - 1 Year: 2.0%

• 1 Year - 5 Years: 1.0%

• More than 5 Years: 0.0%

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What are Arrived Private Credit Fund Pros and Cons?

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The Private Credit Fund currently it has $39.1 million invested in 54 loans. This is very impressive for a newer site. 
 

This fund invests only in debt and that can have certain advantages. If something goes wrong with an investment, debt is in the first position to make a recovery. So it’s usually the safest position to be in the capital stack (versus other portions of the same investment which are secondary and more at risk of loss). So this is a nice plus for investors who are looking for this.

Arrived says the fund targets 7 to 9% net returns and has historically yielded 8.1%. In today's environment, many investors would find this to be an attractive return.

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It's a fund of many loans and so this generally gives more diversification protection than investing in a single loan. Also, it can be painful to try to piece together a portfolio of individual loans. A fund like this is much easier and more convenient.

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Arrived was funded by Jeff Bezos (Amazon's founder) and Mark Beniof (Salesforce's founder). So this is impressive.

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And even though they charge a combined 2.4% / year in fees, they don't charge a promote/profit split at all. So together, this is an attractive combination versus other debt funds.

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Additionally they accept all investors over 18, so you don't have to be accredited. Minimums are very low and accessible at $100. And it's nice that they send checks so frequently ( monthly instead of the usual quarterly).

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On the other hand, some investors may find the focus on new construction, bridge and renovation loans to be poor-timing in the current tarrif environment (as of today, April 18, 2025). More about this is in the detailed due-diligence section below.

Also Arrived does not appear to disclose their full track record, co-investment and the loan tape of the fund. For me, this is inadequate transparency and a major negative (and I hope they change their decision on this, for the future).

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Also, neither the principals nor the company have full real-estate cycle experience with little to no money lost (which some conservative investors require). Additionally some may find it off-putting that the founders have no previous real estate experience (let alone experience managing other people's money into real estate fund).

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Also, some accredited investors generally dislike how nonaccredited offerings (like this) charge more up front fees than other options they have.

And in my opinion the pitch page is inadequate.  It forces the investor to wade through dense SEC filings for basic information (and I feel that's asking way too much from an investor that doesn't even know if they're potentially interested or not). More on this is below. And I do hope they change this in the future.

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Arrived Private Credit Fund Quick Pro & Con Summary

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• Advantages:

  • Debt is in first position in the capital stack and safest (versus other positions in the same investment).

  • Offers better diversification via a portfolio of loans (currently 54) than investing in a single loan (and easier than trying to piece together your own portfolio).

  • Attractive 8.1% historical return

  • Doesn't charge a promote/profit split (like some other debt funds do).

  • Company funded by Jeff Bezos (Amazon founder) and Mark Beniof (Salesforce founder).

  • Good size for a newer fund, with $39.1 million invested.

  • Accepts all investors over 18 (and don't have to be accredited).

  • Ultra low $100 minimum

  • Frequent (monthly) checks (versus quarterly)
     

• Disadvantages:

  • No guarantee of being able to redeem (like most debt funds). And risk is typically higher during downturns and when a fund is not doing well.

  • Some investors may find the focus on new construction, bridge and renovation loans to be poor-timing in the current tariff environment.

  • Does not appear to disclose full track record, co-investment or loan tape.

  • Neither principals nor company has full real estate cycle experience with little to no money lost. 

  • Founders have no previous real estate experience (let alone experience managing other people's money in real estate).

  • Nonaccredited offerings are more expensive for accredited investors (who have cheaper alternatives).

  • Pitch page is (in my opinion) inadequate and forces you to wade through dense SEC filings for basic information (which I feel is asking for way to much when the investors doesn't even know if they're potentially interested or not).
     

• Accolades: none

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Is Investing In Arrived Private Credit Fund Legal?

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Arrived is available to all U.S. investors aged 18+ (and does not require them to be accredited). When investors sign up they are requested to provide identification and documentation required by Know-Your-Customer (KYC) and anti-money laundering (AML) rules and laws.

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What does an Arrived Private Credit Fund investment look like?

Here is my step-by-step due-diligence on the Arrived private credit fund.

I'm not an attorney, accountant nor your financial advisor. So always consult your own financial professionals before making any financial decisions. This is just my personal opinion and could contain errors, so use at your own risk.

Every investor has a different risk tolerance, comes from a different financial situation and has different financial goals. So an investment that looks great to one investor will look terrible to another (and vice versa). And by the same token, there are also many ways to due-diligence (and no one "right" or "wrong" way"). This is my method, and others will do it differently. Also I'm a very conservative investor, so something that I feel is too risky could be a perfect fit for someone else who is coming from a different place.

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Asset class

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​My first step is to make sure that the asset class and strategy even make sense for my portfolio. (If you don't know how to do this, you can see how I do this in The Conservative Investor's Guide to Due Diligence). 

Industrial and retail real-estate have held-up well over the last several years.  Multifamily and office have experienced downturns but recently appeared to be bottoming and recovering. However, tariffs could up-end this situation.

Tariffs are a tax on foreign companies who import goods. And some or all of this tax has historically been passed-along to the end-consumers in the country that imposed the tariff (and who buy the product). So they’ve usually caused significant inflation in the country that charges them. And in the past, new tariffs by one country have often led to retaliation tariffs (which is called a “trade-war”). This has often contributed to significant economic downturns (including the infamous Smoot-Hawley Tarrif of 1930, which contributed to the Great Depression).

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When the tariffs were initially announced (“Liberation Day” on April 2nd, 2025), the stock market plummeted by 10% in two days. This was one of the most severe collapses since World War II (and was rivaled only by the 1987 stock market rout, 2008 global financial crisis melt-down and the 2020 COVID shock). 

Since then many of the tariffs have been walked-back somewhat (and one increased). As of this moment (April 17th, 2025) there’s a universal 10% tariff in place on virtually every country.  And there’s a 90 day reprieve on additional tariffs (while negotiations occur). China currently has a 245% tariff and has responded with a 125% tariff. So a full-fledged trade-war is currently happening between the world’s largest two economies.

Having said that, the situation remains highly fluid and could change on a dime.

So I’m currently being very cautious and only investing in real estate and business cycle sensitive investments only when I feel they are exceptional and they have high downside protection.

In this case, the Private Credit Fund invests in new construction,  bridge loans and renovation.
 

Even before Liberation Day, inflation from tariffs had caused many new construction and renovation projects to run over budget and halt. And the current, 10% (virtually) universal tariffs and 245% Chinese tariffs would only increase this.
 

So this is a dealbreaker for me on this particular fund. 

On the other hand a different investor who feels differently about the macro-economic environment, will be fine with this.

For the sake of doing this review, let's pretend I felt this investment made sense for me and my portfolio … and keep going.

Sponsor Experience

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My next step is checking the sponsor's experience.

A recession can occur at any time and the repercussions can be severe to investments. So I don't want a newbie sponsor learning expensive lessons with my money. And instead, I want them to have gone through a downturn before and done well.

So, I require full real estate cycle experience in the exact strategy (real estate debt funds in this case), with little to no investor money lost.
 

Unfortunately, Arrived doesn't appear to disclose it's full and complete track record. And if this is correct, then in my opinion this is a red flag (and I hope they change this in the future).

On the "About Us" page, the principals / co-founders also don't show any bio information at all. This struck me as odd (and perhaps telling). Nor was there a single word about having previous experience in real-estate offerings/funds (like most sponsor show).

So I searched for, and found co-founder Ryan Frazier's Linked-in page. And it turns out that he appears to have no past real-estate experience at all (let alone managing other people's money as a real-estate fund manager). Co-founder Alejandro Chouza LinkedIn shows that he is essentially the same.

So I was a bit surprised that a Jeff Bezos /Marc Benioff funded startup would go with principals who have appear to have no previous real-estate experience.

Either way: the lack of experience is an immediate dealbreaker for me.

On the other hand, a different investor who is not as concerned with cycle and sponsor risk will be fine with less experience than I am.

Portfolio composition

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Normally with a debt fund, I dig into the loan tape to see if I feel comfortable with the underwriting or not. And I ask questions about any loans that are problematic or appear to have “hair” on them.
 

In this case,  I couldn’t find  the loan tape disclosed anywhere. Maybe I missed it. 

If Arrived doesn’t disclose this, then there is no way for a sophisticated investor to gauge the risk of this investment. And to me this unacceptable and an immediate showstopper.

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A different investor who doesn't expect as much transparency from their sponsors will feel differently.

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Skin-in-the-game

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Another thing I look at, is the amount of co-investment (which is also called "skin in the game"). I generally like to see the sponsor put in at least 5% (and preferably 10%) of their own money into the deal, and on the same terms as investors. This aligns them better and reduces risk. 

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Unfortunately the Arrrived site does not show how much skin in the game the sponsor has.  So an investor who is interested in this deal will probably want to inquire with them to find out how much.

For me, anything less than 5% is a dealbreaker.   

On the other hand a more aggressive investor will prefer lower skin in the game (as they want to see higher projected returns and that generally requires a sponsor to push the risk envelope).

Debt

To minimize the chances of default and losing 100% of the investment, I like to see conservative use of debt at 65% LTV or less. I also like to see a sponsor eliminate refinance risk by locking in long-term debt at 7 to 10 years. And finally I generally want to see them eliminate interest rate risk, by locking in a fixed interest rate (versus going with floating).

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In this case, Arrived doesn't appear to disclose fixed versus floating or the terms of the debt. If so, an interested investor will want to find out more. 

As far as LTV, Arrived says  “Our preference leans towards loans with a conservative LTARV ratio, typically below 70%.”. 

On something as important as debt, I like to see a contractually set % limit that the sponsor can’t go over. So for me, a mere “preference” is too weak and a yellow flag. And the 70% is also too high for me, and a red flag.
 

On the other hand, a different investor who is not as concerned about default risk will prefer higher debt levels, because it allows for higher projected returns.
 

Fees and promotes

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One thing I don't like about most nonaccredited investor offerings is that (unlike accredited offerings) they often don't create a pitch deck that concisely discloses all the basic information for an investor to evaluate the risk.

Instead they typically point you to a couple hundred pages of dense legalese that they have filed with the SEC.  Basic information is often spread helter-skelter throughout it (which makes it difficult to tell if you found all the basic info or not).  And you have to wade through tons of legal CYA that impede getting the info.

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In my opinion, this is way too much for any sponsor to expect from a new investor (when the investor doesn't even know if they're even interested in the deal or not). And I feel a sponsor should at least give an investor all the  fundamental information so they know if it's even a potential match ...and then maybe that investor will then wade through the document.
 

For example, I could not find on the pitch page, basic information on fees and promotes (that all accredited offerings disclose on their pitch deck). So the below was based on me attempting to wade through the SEC filings, and could be wrong. (And this, in my opinion, is frustrating and non-sensical considering this is basic info every sophisticated investor looks at).
 

I could not find mention of a promote/profit split. As mentioned above I don't know if this is correct or not (due to the way it's presented). If it's correct, then this is a big advantage over other offerings that charge this.

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I did find references to other fees in the Offering Circular:
 

• An Offering Service Fee of  0.10%/month (or 1.2%/year)

• An Asset Management Fee of  0.10%/month (or 1.2%/year).
   

Together these are 2.4%/year and that’s usually too high for me (as I usually want to see this between 1 and 2%).

But, if they indeed have no promote/profit split then I feel this is an attractive combined package.
 

The offering circular also mentions another fee “Organizational Expenses”.

One of the downsides of nonaccredited offerings is that they’re relatively expensive to launch. And usually they make the investors pay for it. And since I’m an accredited investor, I usually see no good reason to pay for this (when I can invest in an equivalent fund where I don’t have to).

In this case, investors pay an extra fee of 1.75% (and which is similar to a “sales load” in old-school mutual funds before the industry decided that it wasn’t a good idea to charge investors those fees).  So for me, this extra fee is a red flag.
 

A different investor, such as a nonaccredited investor, may be fine with this.

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Other

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Had the investment all my initial checks, I would have dived in further to check out the sponsor, the properties theselves, the projections, etc. To learn how I do those things, check out  The Conservative Investors Guide to Due Diligence (and for debt... The Comprehensive Guide to Hard Money Loan Investing.)

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Where can I discuss the Arrived Private Credit Fund further?

You can do this with thousands of other investors in the private investor club. While the club is free, membership is restricted to investors who have no business connections to sponsors or platforms. Also, all members must agree to keep all club info confidential by signing a nondisclosure agreement. Click here to join or get more info.

Who are Arrived Private Credit Fund Competitors?

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• SBRE Funds

• First Real Fund

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• Realty Mogul

• C.K. Mack

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• CityVest

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• All other sites (ranked and reviewed)
   

How do I invest in equity and/or debt?

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Looking to learn more about real-estate investing?

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• What are the 4 investment strategies? (Part 1: core and core+)

  • What are the 4 investment strategies? (Part 2: value-added and opportunistic)

• Should I invest in residential or commercial real estate? (Part 1: residential)

  • Should I invest in residential or commercial real estate? (Part 2: commerical)

• What is the difference between equity and debt?

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How to pick? Check out our step-by-step guide.
 

• The quick guide to picking conservative real-estate deals
   

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