The Lifestyle Investor - Investing, Passive Income, Wealth 289: The Private Credit Strategy That Creates Predictable Cash Flow with Andrea Propp
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May 7, 2026 Andrea Propp, Chief Strategy Officer at IceCap Group and former commodities and hedge fund professional, explains private credit anchored to real assets. She discusses predictable cash flow, residential transition lending, disciplined leverage, warehouse lines, securitization, and investor protections. Short, clear breakdowns of why asset-backed lending can be more stable than volatile markets.
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Why She Pivoted From Trading To Private Credit
- Andrea Propp pivoted from commodities and hedge funds to private credit because markets marked-to-market were too volatile and intense.
- She discovered residential transition lending (RTL) producing steady ~8%+ returns in 2018 and doubled down on the niche's fragmented, underserved opportunity.
Use Short Term RTLs To Fund Fast Rehab Deals
- Residential transition loans are 12–18 month private loans that fund purchase plus rehab for experienced developers who need speed banks can't provide.
- Typical loan sizes are $2–4M, closed in weeks, and targeted at distressed or competitive sales.
Fragmented RTL Market Creates Institutional Edge
- RTL is still fragmented and run by family offices and small private lenders, creating an institutionalization opportunity.
- Andrea built IceCap to give investors access by partnering with a family office and scaling origination carefully.