Super-priority.
Real yield.
EUR-denominated senior secured notes funding a loan against a portfolio of US municipal super-priority property tax liens. Floating coupon of 3M EURIBOR + 250bps.
Information for professional clients and eligible counterparties under MiFID II only. Not an offer to sell securities. Application will be made for admission to trading on the Wiener Börse MTF.
What are super-priority real estate receivables?
When a property owner fails to pay municipal property taxes, the county issues a tax lien certificate and sells it at auction. The holder earns statutory interest and holds a claim senior to mortgages and private liens. Redemption is near-universal, because the alternative for the owner is loss of the property.
LienFlow packages this exposure into an EUR-denominated senior secured note intended for admission to the Wiener Börse MTF — giving EU institutional capital listed access to a market that has been operationally out of reach.
Statutory super-priority
A municipal property tax lien ranks ahead of mortgages, mechanic's liens and other private claims by state statute — not by contract.
Near-zero realised losses
Owners redeem to avoid losing the property. PVOne's cumulative loss rate since 2014 is ~0.26% of purchases.
Structural yield
Statutory interest accrues on the lien regardless of market sentiment, funding a floating EUR coupon of 3M EURIBOR + 250bps.
Institutional servicing
Origination, surveillance and foreclosure handled by PVOne on the proprietary Terminus platform across 17 states and DC.
Figures are the track record of PVOne MREC Advisors, the Servicer and Sponsor. LienFlow a.s. has not yet issued and holds no portfolio. Past performance is not indicative of future results.
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Documentation — Information Memorandum, business plan model, PVOne servicer reports, BMCP engagement letter and Articles of Association — is available under NDA on request to professional clients.
Martin Bodocký
LienFlow a.s.