52 Chartwell Rd, Oakville,
ON L6J 3Z5, Canada
Investor Returns
Each unit in VULPIN Series A is issued at a fixed C$1,000 and divided between two LPs — the Debt Fund LP (secured income) and the Equity Upside Fund LP (capital gains). Together, they provide simple, predictable, and transparent performance.
Debt Fund
- Fixed coupons: 2.00% in Year 1 → +5% per year (multiplicative) → 4.00% cap
- Interest-only structure with bullet repayment at exit/refinance
- Constant-yield make-whole at redemption
- 12-month DSRA ensures uninterrupted income
Equity Upside Fund LP (Premium Value)
- 65% of after-tax distributable gains at exit paid to investors (35% sponsor)
- Paid entirely from sponsor equity, not from the debt claim
- Multiple exit doors: developer take-outs, condo retail sell-downs, and portfolio sales to REITs / UHNW platforms
Illustrative Return Guidance
- Debt Fund IRR: ~4% (fixed coupons + make-whole)
- Combined Program Target: ~12–20% pre-tax IRR, depending on execution and market conditions
- Historic Toronto/Oakville appreciation: >7% annually, supporting long-term asset values
The Assets
Series A Portfolio — curated AAA Toronto and Oakville trophy assets, each with ≤65% LTV first-lien
- 23 Ross Avenue - Student Housing
- 5-unit, 27-bed luxury student residence.
- Net Asset Value: CA $20.9M/ US $15.1M (CAD/USD = $1.385)
- Fully owned, under construction, un-leveraged
- Debt allocation (≤ 65 % of Launch NAV)
- Estimated occupancy: January 2026
- Coverage: ~154 % of Year-1 coupon
Adjacent to University of Toronto. This ensures the most mature asset reaches cash-flow and/or sale readiness first, shortening time to revenue. 35% Sponsor injection completed.
- 975 Dovercourt Road - Luxury Multiplex
- 11-unit luxury housing project.
- Net Asset Value: CA$ 24M / US $17.3M (CAD/USD $1.385)
- Fully owned, under construction, un-leveraged
- First-lien ≤65% LTV
- Estimated occupancy: July/August 2026
- Coverage: ~154% of Year-1 coupon
11-unit boutique building in Toronto’s core. This capital will finance construction through lease-up, leveraging its existing approvals and site readiness. 35% Sponsor injection completed.
- 52 Chartwell Road - Luxury Estate Conversion
- 3-unit luxury estate redevelopment.
- NAV: $20.4M CAD / US $14.7M (CAD/USD $1.385)
- Fully owned since 2003, under permitting, complies with Bill C23
- First-lien ≤65% LTV
- 65% Tokens USD $9,574,007.22
- Estimated occupancy: Nov/Dec 2026
- Coverage: ~154% of Year-1 coupon
A South East Oakville ultra-luxury three-unit redevelopment. This project is in its design/pre-development phase; it will draw funding only after the above projects are secured. This staged funding mitigates timing risk, aligning capital deployment with project readiness. 35% Sponsor injection completed.
- New Development - Student Housing/Luxury Multi Plex
- Configuration: TBA
- Will be Fully owned and unleveraged.
- First-lien ≤65% LTV.
- NAV $ 20,000,000.00 CAD (USD FX CAD/USD $1.385) = USD $14,440,433.20
- Estimated occupancy: TBA
- Coverage: ~154% of Year-1 coupon
Reserve for New Acquisitions — Opportunistic Growth. Remaining funds are reserved for future high-quality acquisitions that meet Series A criteria (≤65% LTV, strong coverage ratios, etc.). This allows VULPIN to quickly pursue value-add or distressed opportunities without a new raise, enhancing diversification and upside for investors once 65% of Series A is placed.
A Proven Sponsor You Can Trust.
For 30+ years, PCMnow® and FoxyHome® have delivered over $1Billion in homes — from $30M+ luxury estates to Toronto multiplex housing — all with zero warranty claims.
With VULPIN, that track record is backed by conservative leverage, pre-funded reserves, and regulated ATS trading with allow-listed wallets.
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Our Impact:
$1 Billion+
worth of homes delivered.
30+
years of building excellence in Toronto and beyond.
$30M+
luxury estates delivered at the top of the market.
$100M+
current projects under management
“I have my clients’ best interests in mind when I’m building their home and there is absolutely no hidden agenda. My number one goal is to ensure they are happy.”
- CARLOS JARDINO
Founder, VULPIN Capital and PCMNow INC
What our clients are saying
The Gap in Canada’s Housing Market
Prime Toronto and Oakville residential assets have compounded by more than 7 % annually in recent cycles. Series A pairs secured, reserve-backed income with multiple premium exit doors to harvest value — we don’t market cap rates; we underwrite scarcity and optionality. The 2 % Launch Capitalization Factor (LCF) is maintained solely as an internal benchmark to help the registrar and market-maker size fair-value bands, not as pricing guidance or sales input.
Too small for big developers:
- billion-dollar builders focus on large towers.
Too complex for small builders:
- zoning, permitting, and financing block them.
Families priced out:
- affordable, family-sized housing keeps shrinking.
Investors left behind:
- one of the most supply-constrained segments in real estate remains undercapitalized.
Structure &
Compliance
We’ve built a simple, proven structure that gives investors secured income and premium upside — without mixing the two.
Think of it this way:
> The Debt Fund LP delivers predictable, interest-only income backed by first-lien security and reserves.
> The Equity Upside Fund LP gives investors a share of after-tax gains at exit, funded entirely from sponsor equity.
Capital Flow & Controls
- Investors subscribe into two Canadian LPs — Debt Fund LP (income) and Equity Upside Fund LP (upside).
- First-lien loans sized to ≤ 65% LTV on appraised value.
- Gate-based funding: 50% advanced at Gate-A (33% subscribed), final to 65% only on occupancy or engineer sign-off.
- 12-month DSRA fully funded at launch to ensure uninterrupted coupon payments.
- Controlled accounts (DACA), negative pledge, and cash-trap triggers safeguard investor capital.
Compliance & Distribution
- Offered under Reg D (506c), Reg S, and NI 45-106 exemptions (accredited investors only).
- KPMG-validated quarterly NAVs and independent AIC appraisals support transparency.
- Registrar + ATS-ready master register across traditional and digital rails with NAV-floor quoting policy.
Why VULPIN by PCMNow
Every dollar you invest is backed by real collateral, conservative leverage, and reserve-backed income — designed for security, transparency, and disciplined growth.
AAA Assets:
- Prime Toronto / Oakville properties — trophy-grade, rent-control-exempt, ESG-ready, and located in irreplaceable urban coordinates.
Capital Preservation:
- ≤ 65 % LTV, fully funded 12-month DSRA, gate-based funding releases, and fixed-price construction contracts for predictable outcomes.
Aligned Incentives:
- Sponsor equity takes first-loss; investors receive 65 % of after-tax gains, paid entirely from sponsor equity — debt stays debt, upside stays upside.
Liquidity:
- Optional secondary trading through regulated ATS platforms with NAV-floor quoting and a single master register across traditional and digital rails.
Governance:
- KPMG-validated NOI and NAV, independent AIC appraisals, escrowed proceeds, DSRA controls, and quarterly reporting investors can verify.
VULPIN vs Common
“Secured income + Upside” structures
Dimension
VULPIN
PPN (Irish/Lux)
Mezz + Warrants
Participating Mortgage
Participating Construction Loan
Principal protection
5.0
3.5
4.0
3.5
2.5
Income predictability
5.0
3.0
3.5
4.0
3.0
Upside participation
4.5
4.0
4.0
4.0
4.5
Tax cleanliness
5.0
3.0
2.5
4.5
3.5
Governance / controls
5.0
2.5
2.5
3.5
2.5
Clear, Compliant, & Tax-Efficient
Clean, Compliant Structure
VULPIN’s Canadian LP design keeps income and upside fully separated — ensuring simple, transparent, and tax-efficient treatment for all investors.
Upside Paid from Sponsor Equity
The 65 % share of after-tax gains is funded entirely from the sponsor’s equity, keeping debt interest treaty-clean and uncompromised.
Fixed Interest, Not Profit-Linked
Coupons are fixed-formula, non-participating interest on principal — not tied to project profits or NAV.
The Builders Behind
$1 Billion of Real Estate Success!
Carlos JardinoCEO & Founder
With over 30 years of leadership at FoxyHome and PCMnow, Carlos has delivered ultra-luxury estates up to $30M+ and multiplex housing across Toronto — all with zero warranty claims. He has also helped raise $1.2B+ for cancer research in partnership with the Princess Margaret Foundation, reflecting his commitment to both excellence and impact.
Alexander JardinoPresident
Alexander drives business growth and execution, blending hands-on construction expertise with finance and strategy. He has overseen multiple flagship projects, introduced advanced sustainability practices, and leads the next generation of FoxyHome’s success.
FAQ's
What exactly is VULPIN Series A?
VULPIN Series A is a Canadian limited partnership designed to give investors both secured income and premium upside.
It’s composed of two coordinated LPs:
• Debt Fund LP – first-lien, interest-only lending up to 65% LTV, paying fixed coupons that step from 2% to 4% with a constant-yield make-whole at exit.
• Equity Upside Fund LP – provides investors 65% of the sponsor’s after-tax distributable gains, paid entirely from sponsor equity.
Together, they offer first-lien protection, reserve-backed income, and tax-clean participation in blue-chip Toronto and Oakville real estate.
How is my investment protected?
Your capital is secured by first-lien mortgages on institutional-grade Toronto and Oakville properties, with total leverage capped at 65% of appraised value.
A fully funded 12-month Debt Service Reserve Account (DSRA) holds one year of scheduled investor interest in advance. Coupons accrue from your Subscription Allocation Date and begin cash-paying once Gate-A (33.33% of the raise) is reached.
The DSRA bridges timing so income continues uninterrupted, and it must be replenished to 12 months before any equity distributions are made.
How and when do I receive income?
Coupons accrue from your Subscription Allocation Date. Cash-pay begins at Gate-A (33.33 % subscribed); any accrued amount pays on the first distribution date thereafter. Ongoing coupons follow the scheduled cadence.
How does the upside work?
Through the Equity Upside Fund LP, investors receive 65% of after-tax distributable gains at exit, while the sponsor retains 35%.
This upside is paid entirely from sponsor equity — after coupons, principal, and make-whole are fully paid — ensuring the Debt Fund LP interest stays fixed-formula and tax-clean.
It gives investors equity-style participation without giving up the protection of secured, first-lien debt.
What are the exit strategies?
VULPIN assets are designed for premium exits, not forced sales.
Investor returns can be realized through three primary exit doors:
1. Developer take-outs — when skyline or density rights unlock higher value.
2. Boutique condo sell-downs — converting select assets to retail PSF sales in strong markets.
3. Portfolio premiums — selling stabilized assets to REITs, family offices, or institutional buyers seeking branded, ESG-ready portfolios.
We sell into strength — never on a schedule.
Who can invest?
VULPIN Series A is open to accredited investors under the applicable private placement exemptions in:
• Canada (NI 45-106),
• United States (Reg D 506(c)), and
• International jurisdictions (Reg S or equivalent offshore exemptions).
Investors may subscribe directly into the Canadian master LP (in CAD) or through regulated feeder funds in the U.S., Luxembourg/Switzerland, Dubai, and Singapore — all with identical economics and compliance standards.
Are the returns tax-efficient?
Yes. The structure is specifically designed to keep investor returns treaty-clean and tax-efficient across jurisdictions.
• Debt Fund LP: Coupons and make-whole payments are classified as fixed-formula, non-participating interest on principal — not profit-linked or contingent — which generally avoids Canadian Part XIII withholding tax for non-resident investors.
• Equity Upside Fund LP: The upside is paid from sponsor equity, separate from the debt claim, preserving the tax-clean treatment of the fixed-income portion.
This structure allows both Canadian and international investors to receive predictable, after-tax income without cross-border tax leakage.
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