Narrow bank financial model
fix(compliance): correct unqualified 'freely transferable'/'actively offering' claim across 5 corporate-wiki files per Command's systemic finding — only Canada vehicle established, currently under active BCSC cease-trade order; US/Spain/Mexico planned
@@ -18,7 +18,18 @@ paired_with: narrow-bank-financial-model.es.md cites: [] --- The **Narrow Bank Financial Model** is the financing discipline that governs how Woodfine Management Corp.'s [[direct-hold-solutions-structural-comparison|Direct-Hold Solutions]] deploy capital and issue debt. The model operates in two sequential phases: an initial equity-funded construction phase that requires no pre-leasing and no external construction loans, followed by a debt issuance phase in which the stabilized investment vehicle issues its own [[debt-service-and-financing-structure|First Secured Mortgage Debentures]] collateralized directly by the completed physical buildings. The **Narrow Bank Financial Model** is the financing discipline that governs how the [[direct-hold-solutions-structural-comparison|Direct-Hold Solutions]] deploy capital and issue debt. The model operates in two sequential phases: an initial equity-funded construction phase that requires no pre-leasing and no external construction loans, followed by a debt issuance phase in which the stabilized investment vehicle issues its own [[debt-service-and-financing-structure|First Secured Mortgage Debentures]] collateralized directly by the completed physical buildings. **Correction (2026-08-04):** two issues. (1) The lead previously read "Woodfine Management Corp.'s Direct-Hold Solutions" — MCorp is not the general partner, administrator, or owner of any Direct-Hold Solution (it is a narrow WCP subsidiary that hires consultants and performs delegated tasks); the possessive was removed. (2) The "Freely Transferable" claim further below describes the Direct-Hold Solutions' structural design as a class. Only the Canada vehicle (Woodfine Professional Centres Limited Partnership) is currently established; it is currently subject to an active BCSC cease-trade order, under which units are not currently freely transferable. The United States, Spain, and Mexico vehicles are planned, not yet established. **Flagged, not silently rewritten.** ## Ring-fenced liabilities