Subscription credit facilities have become an indispensable tool in the real estate fund finance market, with the product becoming a sophisticated financing product that touches nearly every aspect of fund structuring, investor relations, and lender risk management. The subscription credit facility is secured by uncalled capital commitments of a fund's limited partners (LP) and the general partner's right to call that capital. Lenders underwrite the creditworthiness of the LP base rather than the underlying real estate assets. The borrowing base is the engine of the facility, with highly rated institutional LPs commanding the highest advance rates. However, high-net-worth individuals, funds of funds, and entities with high enforceability risk may receive lower rates or exclude from the borrowing base entirely. The rise of co-investment and sidecar vehicles raises questions about whether commitments in these vehicles are truly "callable" in the same manner as commitments to the main fund. Investors need to ensure clear delineation of which commitments support these facilities and negotiate cross-guaranty, cross-collaterization and reimbursement provisions to preserve a unified credit profile.