Nathan Larsen isn’t the type to chase a trend. As the founder of Credo Capital Management and Chief Investment Officer of Mid Atlantic Secured Income Fund, he has spent more than two decades managing risk through expansion and through crises.
Larsen’s career began at institutions like Wells Fargo and Nicholas Financial, where he developed the kind of credit discipline that doesn’t bend under pressure. Later, he went out on his own, building Credo Capital Management and ultimately launching the Mid Atlantic platform, a multi-state private credit operation that has completed over 600 projects and served nearly 100 borrowers, all while maintaining a zero-loss track record.
The foundation of that record was set during the worst possible conditions.
Built in Crisis
When the Great Recession hit, Larsen didn’t step back. He went to work. Where others saw chaos, he identified three structural gaps in the market. Fundamentally strong borrowers who couldn’t access capital, investors starved for yield in a near-zero rate environment, and a long-term housing supply imbalance that wasn’t going away. Rather than wait for conditions to improve, he built a lending model designed to operate within them.
That experience became the blueprint for everything that followed.
Over the years, Larsen expanded his expertise beyond real estate. His portfolio experience spans commercial and residential lending, specialty finance, consumer and automotive lending, receivables factoring, and legal and healthcare finance. For the past several years, he has also served as a Special Advisor to private equity firms in legal and healthcare finance. His work there has deepened his perspective on structured credit markets and kept him close to where capital is moving.
Risk First, Yield Second
The philosophy underpinning Mid Atlantic is straightforward. Income is a byproduct of risk management. Larsen structures the fund around senior secured positions backed by real assets, short-duration income-producing debt, and active management across the full loan lifecycle. In fragmented lending markets where institutional capital is often absent, that consistency is a competitive advantage.
In 2020, the firm formalized under Regulation D Rule 506(c), opening access to accredited investors while preserving the institutional discipline Larsen built from day one. The fund now spans real estate, business lending, and specialty finance with dozens of active investors and a portfolio that has grown steadily without sacrificing the principles that defined it.
Operating at Scale
Growth creates complexity. As Mid Atlantic expanded, so did the demands on its operations – borrower intake, investor reporting, loan servicing, documentation, compliance. Managing those workflows across spreadsheets and disconnected systems was no longer sustainable.
In January 2025, the firm implemented Baseline as its central operating platform. The result was a unified environment that gave Larsen’s team real-time visibility into portfolio performance, streamlined investor communications, and integrated workflows across origination, servicing, and fund management. What once required manual coordination across multiple systems now runs from a single platform, freeing up Larsen to focus on what has always mattered most: building relationships.
It’s a move that reflects a broader shift across private credit, from fragmented back offices to fully integrated operating infrastructure. For a fund built on discipline, it’s a natural evolution.
The Longer Game
Larsen holds a B.S. in Finance and Economics from Miami University, but what drives his edge isn’t his credentials. It’s his ability to recognize patterns which he developed by accumulating experience across multiple economic cycles. He has operated in environments where capital flowed freely and where it was constrained. Each had its own set of challenges. He has managed portfolios through growth, stress, and recovery. And he has built systems designed not just to perform, but to endure.
In a market increasingly defined by short-term thinking and yield-chasing, that kind of perspective is rare. Mid Atlantic is built around what works when conditions are favorable, and also when they’re not.
