Marketplace

One pool. One legal structure. Multiple investable exposures.

Nodalera turns private-credit receivables into governed PTC markets that can be structured, issued, serviced and transferred through one operating layer.

Explore how the market works

The underlying credit does not change. The rights to its cash flows, priority and risk do.

Pool

₹100 Cr

Receivables pool

Legal isolation

SPV / Trust

Issuer of the certificates

Capital Certificate

Income Certificate

Opportunity Certificate

Nodalera · governed execution layer

Spans structuring, issuance, servicing and transfer beneath the transaction — not inside the ownership chain.

Pool formation

Start with the pool, not the certificate.

Assume an NBFC identifies ₹100 crore of eligible receivables.

Before anything is issued, the pool must be defined.

01Asset eligibility

02Borrower quality

03Concentration limits

04Repayment history

05Remaining tenor

06Expected defaults and recoveries

07Prepayment behaviour

08Servicing rules

09Cash-flow profile

Raw receivables

Eligibility filter

Concentration filter

Eligible ₹100 Cr Pool

Defined, filtered and ready to be structured

Legal structure

The pool is legally isolated before investor rights are created.

The receivables are transferred into a transaction-specific SPV or securitisation trust.

Originator

transfer / assignment

SPV / Trust

PTC economic rights

Investors

Nodalera · execution infrastructure beneath the structure

Never a party in the ownership chain.

Economic decomposition

One pool can support different ways to own the economics.

The ₹100 crore pool generates two fundamental economic streams: principal and interest.

Financial engineering can separate those cash flows and their associated risks into different investor exposures.

₹100 Cr

Pool economics

PrincipalCapital

InterestIncome + Opportunity

LossesOpportunity reserve, then Capital after reserve exhaustion

Capital Certificate

Principal-oriented exposure.

The holder receives defined principal cash flows and sits senior to the first-loss reserve in the credit waterfall.

Income Certificate

Interest-oriented exposure.

The holder participates in a defined share of eligible net interest generated by the receivables.

Opportunity Certificate

Residual and first-loss exposure.

The holder contributes the reserve that absorbs defined losses first and receives the higher-risk residual economics of the pool.

Waterfall

The waterfall determines who receives what.

Every servicing cycle runs through the same contractual rulebook.

01Collections
02Permitted senior expenses
03Principal available to Capital
04Eligible net interest
05Income participation
06Opportunity participation
07Reserve usage if losses occur
08Updated investor entitlements
09Evidence and reconciliation

The waterfall follows the transaction’s agreed rules, including any defined triggers, amendments and exception processes.

Asset performance changes the outcome. Governance determines how the rules are applied.

Primary issuance

Primary issuance is only the beginning.

Once the legal structure and certificate economics are established, eligible investors can participate.

Eligibility

Allocation

Settlement

Ownership

Evidence

The transaction can use the financial institutions and settlement rails already available to the market.

Existing institutions retain their roles. Originators create and service the credit, SPVs and trustees hold and administer investor rights, banks move money and allocators provide capital. Nodalera coordinates execution across them.

See how the execution layer works → How It Works

Monthly servicing

The market continues to operate every month.

Private credit does not end at issuance. Repayments, defaults, prepayments and recoveries continue — and every servicing cycle can change the economics of each certificate differently.

Collections

Servicing

Waterfall execution

Distributions

Reserve movements

Updated entitlements

Reconciliation

Evidence

Next cycleThe loop repeats until maturity

Scenario behaviour

Different pool outcomes create different investor outcomes.

Base case

Capital

Scheduled principal.

Income

Defined interest participation.

Opportunity

Residual economics and unused reserve.

Defaults

Capital

Senior to the first-loss reserve. Credit losses reach Capital only after the available reserve has been exhausted.

Income

Lower interest as asset performance weakens.

Opportunity

Absorbs first-loss impact.

Prepayments

Capital

May receive principal earlier.

Income

Can lose future interest because prepaid receivables stop generating income.

Opportunity

Residual economics may decline.

Severe loss

Capital

Can ultimately suffer principal loss.

Income

Distributions decline.

Opportunity

Reserve can be exhausted.

Capital is senior. It is not guaranteed.

The structure does not remove risk. It makes the risk more explicit.

Secondary transfer

Transferability is governed, not assumed.

A PTC holder may want to exit before the underlying receivables mature.

Where legal and product rules permit transfer, Nodalera can coordinate the transaction.

Seller

Price

Eligible buyer

Approval

Settlement

Ownership update

Evidence

Price

The seller and buyer agree the economics.

Eligibility

The incoming investor must qualify to hold the certificate.

Approval

Any certificate-specific transfer conditions must be satisfied.

Settlement

Payment and ownership are coordinated.

Evidence

The lifecycle record is updated.

Transferability does not guarantee liquidity. A transaction still requires an eligible buyer and sufficient market depth.

Reusable infrastructure

The next market should not start from zero.

Each market adds reusable pool rules, certificate structures, waterfall logic, servicing workflows and transfer policies. The next market starts further ahead.

Building or allocating into private credit?

For originators exploring securitisation and allocators evaluating differentiated private-credit exposures.

For originators For allocators