Insights
Notes from the borrower's side
Plain writing on how debt gets raised for operating businesses: the file, the lenders, the structure, and the process. Written by the firm, for owners and the people who advise them.
Advisory
Representation on the borrower's side: what a debt advisor actually does
What a debt advisor does for an operating business raising above $2.5M, with three term sheets worked through, and the cases where you are better off without one.
9 November 2026 · 5 min read
Underwriting
Debt service coverage: how lenders compute it and where a file usually fails
What a good DSCR is for a business loan, how banks, SBA lenders and private credit each compute it, and the adjustments that move 1.45x to 1.18x.
9 November 2026 · 5 min read
Acquisitions
Financing an acquisition: senior debt, the seller note and the gap between them
How an acquisition stack is built for an operating business: senior term, seller note, subordinated debt or equity, and the 1.25x test that decides the mix.
9 November 2026 · 5 min read
Asset-based lending
Asset-based lending: how a borrowing base is set and why it moves
How an asset-based line is sized off receivables and inventory, what is ruled ineligible, why the base moves monthly, and when a term loan is the better tool.
9 November 2026 · 5 min read
The lending file
The lending file: what lenders read before they read you
What goes in a lending file, why a complete one gets a term sheet while an incomplete one gets silence, and the $138,000 mismatch that stops a credit officer reading.
9 November 2026 · 5 min read
MCA consolidation
Four advances and a bank that said no: how a consolidation refinancing gets done
How stacked merchant cash advances get paid off with one term loan: the arithmetic on four advances, why the bank said no, and what the new lender checks.
9 November 2026 · 5 min read