The asset class
US municipal super-priority tax liens.
A USD 5.1bn annual market with statutory first-lien position, near-universal redemption and four structural barriers that keep European capital out.
What are super-priority real estate receivables?
When a property owner fails to pay municipal property taxes, the county issues a tax lien certificate and sells it at auction. The holder earns statutory interest and holds a claim senior to mortgages and private liens. Redemption is near-universal, because the alternative for the owner is loss of the property.
LienFlow packages this exposure into an EUR-denominated senior secured note intended for admission to the Wiener Börse MTF — giving EU institutional capital listed access to a market that has been operationally out of reach.
Statutory super-priority
A municipal property tax lien ranks ahead of mortgages, mechanic's liens and other private claims by state statute — not by contract.
Near-zero realised losses
Owners redeem to avoid losing the property. PVOne's cumulative loss rate since 2014 is ~0.26% of purchases.
Structural yield
Statutory interest accrues on the lien regardless of market sentiment, funding a floating EUR coupon of 3M EURIBOR + 250bps.
Institutional servicing
Origination, surveillance and foreclosure handled by PVOne on the proprietary Terminus platform across 17 states and DC.
Figures are the track record of PVOne MREC Advisors, the Servicer and Sponsor. LienFlow a.s. has not yet issued and holds no portfolio. Past performance is not indicative of future results.
Market opportunity
A $5.1bn annual market with no EU access point.
European private credit allocations exceed EUR 400bn, yet not one listed EU instrument gives exposure to US municipal tax lien receivables.
Why the market is closed
Four barriers. One solution.
Every institutional investor who has tried to access US municipal tax liens directly has met the same four walls.
Operational barrier
Tax lien investing requires physical presence at auctions across 30+ states, state-specific licences, due diligence and local counsel for foreclosure. No EU manager holds this infrastructure.
Regulatory barrier
No EU-authorised AIFM holds the operational capability to service US municipal liens directly. AIFMD, CSSF, BaFin and FCA frameworks do not contemplate direct holding as an authorised strategy.
Structural barrier
Assets are USD-denominated and carry US federal and state tax obligations for the holder. No ISIN, no CUSIP eligible for EU custodians.
Information barrier
Market data is fragmented across 3,000+ county tax offices. Pricing, auction calendars and redemption status require proprietary technology to aggregate in real time.
LienFlow a.s.
EU-regulated Czech a.s. issuer · Vienna MTF listed EUR notes · Black Manta Capital Partners (BaFin-regulated) as capital market adviser · PVOne as US operator with 12 years of origination infrastructure · Czech governing law · EUR denomination with a structured FX hedge · conditional quarterly liquidity windows · MiFID II compliant distribution.
Contact
Let's talk.
Documentation — Information Memorandum, business plan model, PVOne servicer reports, BMCP engagement letter and Articles of Association — is available under NDA on request to professional clients.
Martin Bodocký
LienFlow a.s.