Hedge-fund manager Philip Falcone, beset by declining assets, securities regulators and the bankruptcy of his wireless venture, LightSquared, is borrowing money against personal real estate.

Falcone and his wife, Lisa, pledged their $39 million Caribbean villa to Fortress Credit Corp. In the past year, they also agreed to post both of their Manhattan townhouses as collateral for about $25 million of personal loans, records show.