What do you as a "Private Lender" look for in a borrower?

[Luke Teson]

We are entertaining the idea of opening up a debt fund, and creating an offering for capital partners. My partner has experience as a tax credit syndication attorney, and we both have a lot of experience with underwriting deals.  For those of you who lend, what would give you an appetite to invest in a fund that primarily would be to acquire single family and small multifamily?