Field notes on credit, structure, and the working capital markets. No press releases, no recycled industry wire.
Our standing read on direct lending yields, MCA pricing, bridge spreads, and syndication appetite — updated each quarter from the underwriting desk.
A generation of brokers learned to win by selling the third, fourth, and fifth position. The arithmetic was never going to hold — and the unwind is already underway.
When the take-out doesn't show up on schedule, bridge structures become balance-sheet risk. How to underwrite the exit before you underwrite the entry.
Eligibility, dilution, concentration. The three terms that separate a clean facility from a workout. A field guide for operators preparing for an ABL review.
The structure on the term sheet matters less than the structure on your balance sheet. A walk-through of how each option moves through the books over five years.
Equipment values, fuel volatility, and broker margins are all repricing simultaneously. The carriers that survive will be the ones who refinanced before they had to.
The rent roll. Then the trailing twelve. Then the sponsor's last three deals. Everything else is window dressing — here's how to lead with what underwriting actually needs.
Why a 1.32 factor on a 9-month payback is not what your spreadsheet thinks it is — and how to translate every quote into a real APR before you sign.
SBA standard 7(a) underwriting changed materially for food-service operators in 2024. Where the capital actually flows now — and what to bring to the table.
The 90-day gap between award and first draw kills more contractors than bad bidding. A practical playbook for sizing and structuring mobilization.
When the SBA structure is the right answer, and when a private-credit term loan beats it. A side-by-side using a real $4M acquisition.
Three years of regional-bank pullback have shifted $400B of commercial loan demand to non-bank lenders. The structural pieces driving it — and what it means for borrowers.
Daily ending balances, NSFs, deposit cadence, transfer patterns. A look inside the cash-flow scoring models the fast funders use.
Most brokers confuse the two. The difference shows up the moment a deal gets sideways — here's the legal and economic distinction in plain English.
Three questions every operator should run before taking on another tranche of capital. If you can't answer the third one cleanly, you're not ready to refi.
New York, California, Virginia, Utah, Georgia, Florida, Connecticut, Kansas, Missouri. What each commercial-financing disclosure law actually requires.
New briefings published quarterly. To receive Perspectives directly, contact the desk.
