Redwood Mortgage Investors IX is a private mortgage lender that originates and holds loans secured by California real estate. The company focuses on the San Francisco Bay Area and coastal Southern California, primarily using first and second deeds of trust. Redwood Mortgage Investors IX targets real estate investors and borrowers who require specialized loan structures or do not qualify for conventional bank financing. The company offers short-term, fixed-rate loans that are usually interest-only with balloon payments or structured with a 30-year amortization and a balloon at maturity. Redwood Mortgage Corp externally manages the company and provides all origination, underwriting, and servicing, as Redwood Mortgage Investors IX has no employees. The business model involves raising capital from membership units and a line of credit to fund mortgages. Redwood Mortgage Investors IX generates income from borrower interest payments and distributes this income monthly to its members. Underwriting follows an asset-based approach that prioritizes real estate collateral value over the creditworthiness of the borrower. To preserve capital, the company enforces loan-to-value limits for residential, commercial, and land properties. Redwood Mortgage Investors IX is a closed-end entity with a fixed termination date in 2038 and focuses on generating stable distributions. Since closing its distribution reinvestment plan, the company maintains its portfolio through capital recycling from loan payoffs and principal payments.