Narrative Financial Group

Founder and CEO John P. Chigounis leads all investment and credit decisions. He built the firm's underwriting framework and capital-raising strategy after leaving a career in structured finance. The firm operates a flat decision-making structure with Chigounis as the final approval authority on originations, per its public-facing materials.

Narrative focuses on short-term bridge loans — typically 12 to 36 months — secured by transitional commercial real estate. The firm lends against multifamily, mixed-use, retail, industrial, and office assets undergoing renovation, lease-up, repositioning, or recapitalization. Loan sizes range from $1 million up to approximately $20 million.

The firm sources loans directly through a network of regional brokers, repeat borrowers, and its own origination team rather than purchasing pools of loans from other lenders. By maintaining in-house underwriting and servicing, Narrative retains visibility over every loan it books, which it presents as a credit-quality advantage over warehouse-line aggregators.

It is both. Narrative operates a series of closed-end opportunity funds alongside institutional credit facilities. The firm underwrites and services all loans directly, acting as a balance-sheet and fund lender rather than a broker who sells off originated paper to third parties. Its most recent vehicle, Narrative Opportunity Fund II, targeted $300 million in equity commitments.

The firm concentrates on secondary and tertiary markets in the Sunbelt and Mountain West, with active origination in Florida, Texas, Georgia, North Carolina, Colorado, and Arizona. It has historically avoided gateway coastal cities, focusing instead on high-growth inland markets with favorable landlord-tenant dynamics and lower basis per unit.

Capital comes from a mix of institutional investors, family offices, and high-net-worth individuals who commit to the firm's private opportunity funds, along with credit lines provided by institutional lenders. The firm has not publicly identified specific anchor limited partners. Chigounis and his team co-invest alongside external investors in each fund.

Narrative does not operate as a fund-of-funds or an LP in other managers' vehicles. The firm exclusively originates direct loans against commercial real estate collateral. Its fund vehicles are pools of capital raised to make these direct originations, not vehicles that invest in third-party credit funds.