Narrow bank financial model
Fix four-jurisdiction-framework.md's own Self-Similar Governance section under-counting legal forms (Spain's governing instrument is corporate bylaws, not a partnership or trust agreement); align 3 stray 'Woodfine Professional Centres Limited Partnership' mentions to the wiki's dominant 'Professional Centres Canada LP' naming; fix present-tense four-jurisdiction diversification/operating claims in market-and-property-risk.md and legal-proceedings.md to correctly reflect that only Canada is established
@@ -19,7 +19,7 @@ paired_with: narrow-bank-financial-model.es.md cites: [] --- 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. Only one Direct-Hold Solution is currently established — the Canada limited partnership, Woodfine Professional Centres Limited Partnership; the United States, Spain, and Mexico vehicles described below are planned, not yet established. 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. Only one Direct-Hold Solution is currently established — the Canada limited partnership, Professional Centres Canada LP; the United States, Spain, and Mexico vehicles described below are planned, not yet established. ## Ring-fenced liabilities