Why Shores - Shores

	Maple	Rent-based property tokens (for example PropBase)	Shores
Yield source	Loans against crypto collateral	Rent from tenants	Interest paid by property owners
Headline rate	About 5%	Depends on rent	Borrowers pay 13–15%
Collateral	Crypto	The property itself (owned)	First liens on real property
Renter risk	None	Yes	None
Management, ownership and improvement costs	None	Yes	None
Capital cycle	Varies	Locked in the property	Short bridge loans recycle capital to new borrowers

Lend against property instead of owning it

Net returns on owning property run about 7–8%. An owner carries the tenants, the management, the repairs and the improvements. A lender with a first lien on the same property is paid first, at 13–15%, and carries none of those costs.

Real collateral, not crypto collateral

Crypto-collateralized lending depends on the value of the crypto. Shores loans are secured by real property: durable, recorded and enforceable.

Owners pay the yield

The yield is interest paid by borrowers who have equity in their property and a reason to protect it. It does not depend on token emissions, rents or trading.

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