Starting Private Fund where I lend to small builders-HELP

[Mark Oviatt]

Hi BP, I'm looking to start a private equity fund where I intend to take accredited investors money and lend bridge/construction loan to small/mid sized single family builders. 

1.As I stated before, i will only use accredited money only, so a PPM is not law, but I plan on using one as an insurance policy. The PPM will outline fund operations mostly and define basics. Project/loan maturity periods will only be 12 months. Since I'm looking at many projects at a time, defining "one" project, or even five at a time would be too costly to produce project specific PPM's. This would also be a close-ended fund. The question is: Do I declare this a 506B?C? and just produce one master ppm which just really defines everything about the fund except the project? Or do I define just my lending strategy in this master ppm?

2.Is it cheaper to go external with accounting? I know it plays better with investor transparency. How much does this cost? Any recommendations on a reputable firm that specializes in fund accounting?

Thanks for any help. 

2.