A. J. Perry & Co.

Andrew Perry, the founder, makes all credit decisions directly. The firm has no public-facing investment committee and no named partners beyond Perry himself. This is a sole-operator structure: loan sizing, terms, and hold/sell decisions on the balance-sheet portfolio rest with a single decision-maker, which is unusual at the firm's stated lifetime deployment scale.

Deal flow comes almost entirely through a network of repeat mortgage brokers and sponsor relationships built over three decades. The firm has no website, no marketing materials, no online presence, and no formal origination team. In practice, a borrower or broker knows Perry directly or is referred by someone who has closed with him before — this makes the pipeline effectively opaque to outsiders and unreplicable for a new entrant.

It is a pure balance-sheet direct lender. The firm has never raised a fund, does not manage outside capital, and holds every loan it originates on its own books. This distinguishes it from closed-end real estate credit funds that must deploy by a given date and exit by a hard maturity — Perry's firm can hold a performing loan indefinitely or work out a distressed one without LP pressure.

The firm only takes first-lien mortgage positions. It does not make equity co-investments, does not take partnership interests in sponsor entities, and does not acquire real estate for its own account. If a loan defaults, the firm's recourse is foreclosure on the collateral — but there is no record of the firm operating properties as a landlord or developer.

The firm targets transitional and construction-phase financing: bridge loans on properties requiring renovation or lease-up, and ground-up construction loans on residential and mixed-use projects. Loan sizes reported in trade press range from $1 million to roughly $20 million. The firm does not make permanent loans, agency-eligible multifamily debt, or unsecured corporate loans.