Credit refers to loans and investments provided by non-bank lenders, such as private equity firms, hedge funds, or individual investors, to finance specific projects. These loans are typically customized and negotiated directly between the lender and borrower, often bypassing the traditional bank lending process. In general, private credit investments aim to provide higher returns than traditional fixed-income investments due to the higher risk and liquidity considerations. However, in real estate, these investments are secured by real estate assets, which serve as collateral for the loan and significantly reduce the risk to investors.