The Manager of the Fund is Carolina Capital Management LLC, a Delaware limited liability company. CCM will also represent the Note Holders as the Note Holder Representative. The members of CCM are initially Big Brother, LLC, a South Carolina limited liability company, whose principal is William (“Bill”) Fairman, Little Sister, LLC, a South Carolina limited liability company, whose principal is Wendy Sweet, and Fairway America Fund VII LP, a Delaware limited partnership (“FA Fund VII”). The Originator is Carolina Hard Money LLC, a South Carolina limited liability company (“CHM”). The principals of CHM are Wendy Sweet and Bill Fairman.
Wendy Sweet and Bill Fairman (brother and sister) started Carolina Hard Money LLC in 2012. Having both worked in the mortgage business for a long time but never together, we felt the timing was finally right. In the aftermath of the credit crunch, banks no longer have much of an appetite for loans with any sort of construction component. Wendy, with her residential rehab experience, and Bill, with his commercial mortgage experience, thought that the timing couldn’t be better to fill that void in the Carolinas where they both hail from and have worked for many years. They have a combined 45 years of experience in the mortgage lending industry.
FA Fund VII is a newly created partnership that was formed to acquire a variety of real estate asset backed investments in various forms including security instruments in other 506 Regulation D funds, ownership of real property, and debt secured by real property, in target markets around the United States. The General Partner of FA Fund VII is Fairway America Management Group II LLC. Fairway America, LLC (“Fairway”), one of the key principals of the General Partner, is an experienced and long-time fund manager, and has successfully procured and deployed several hundred million dollars in private money between its several proprietary funds as well as multiple smaller funds and individual whole loan investors. Over the past twenty years, Fairway has started, operated, and concluded multiple funds and has either funded, brokered, and/or serviced nearly 1,000 small balance commercial real estate loans, totaling in excess of $400,000,000. Since late 2011, Fairway has leveraged its extensive experience and track record to become the nation’s premier real estate asset based 506 Regulation D fund consulting, advisory, and investment firm specializing in the business planning, creation, capital raising strategy, and third party administration of private money pooled mortgage and other real estate asset based funds around the United States.