Products
Four ways we lend.
Unsecured, secured, asset-based, and structured facilities from $200,000 to $10,000,000, out to 18 months. The four sit on a spectrum, from credit written against the business itself to credit written against a defined pool of assets.
On this page
Unsecured
Written against the operating business. No collateral pledged.
Secured by
No collateral pledged. Personal guarantee typical.
What it is
Credit extended against the operating business rather than against a specific asset. Underwriting rests on cash flow, deposit history, financial statements, and the operating record. No lien is filed against equipment or property, and no borrowing base governs availability.
Owners use it for working capital, payroll, inventory purchases, supplier obligations, and costs that come due before receivables do. It is the shortest structure for a business with performance to show and no unencumbered assets to pledge.
With no collateral to fall back on, the file carries the underwriting. We read revenue consistency, deposit behavior, the existing debt stack, and the record of the business through a full cycle.
What a business uses it for
- Working capital through a slow collection cycle
- Payroll and recurring operating obligations
- Inventory and supplier purchases ahead of season
- Tax obligations and one-off costs that cannot wait on receivables
- Bridging a gap between a signed contract and its first payment
What we look at in underwriting
- Revenue consistency across a full operating cycle, not a single strong quarter
- Deposit behavior: volume, frequency, negative days, and how the account is run
- The existing debt stack and what is already drawing on the same cash flow
- Margin and fixed cost load, to see what the business can actually carry
- Ownership, operating history, and the record of the principals
Pricing, fees, advance rates, and amortization for this product are set on the file.
Secured
Backed by a lien on specific business assets.
Secured by
Lien on identified assets — equipment, rolling stock, inventory, owned property. First or junior position.
What it is
Credit backed by a lien on identified business assets. Structure follows the collateral pledged and our position in it, whether we hold a first lien or sit behind an existing senior lender under an intercreditor agreement.
It suits businesses holding real assets that want a facility sized against what they own rather than against cash flow alone. Collateral is valued or appraised on the file, and the security package is documented before anything funds.
A secured facility will generally support a larger request than the same business carries unsecured, because the asset does part of the work the cash flow would otherwise have to do by itself.
What a business uses it for
- Equipment purchase, replacement, or refinance
- Expansion, buildout, and additional locations
- Consolidating existing positions into one secured facility
- Releasing capital held in owned assets back into operations
- Larger requests than the business would carry unsecured
What we look at in underwriting
- Collateral identity, condition, and marketability
- Valuation or appraisal support, and how current it is
- Existing liens of record and whether a first position is available
- Intercreditor terms where a senior lender stays in place
- Cash flow, still — collateral supports a facility, it does not replace coverage
Pricing, fees, advance rates, and amortization for this product are set on the file.
Asset-based
A revolving line sized against a borrowing base.
Secured by
Blanket lien over the base: eligible receivables, inventory, equipment. Ongoing collateral reporting.
What it is
A revolving facility sized against a borrowing base rather than a fixed principal amount. The base is built from eligible accounts receivable, inventory, and equipment, with eligibility and advance rates set by the quality, aging, and concentration of the underlying assets.
Availability moves with the collateral. The line grows as the business grows and contracts when it does not. Reporting is part of the structure: receivable aging, inventory detail, and field examination where the file calls for it.
It fits businesses whose capital sits in assets rather than in the bank, and whose customers pay on long cycles — distributors, manufacturers, staffing firms, and contractors carrying progress billings.
What a business uses it for
- Growth working capital where receivables outrun cash
- Carrying inventory through a long production or selling cycle
- Funding payroll against progress billings and unbilled work
- Replacing a fixed facility that no longer fits the business
- Seasonal build where availability needs to move with the book
What we look at in underwriting
- Receivable aging, customer concentration, and dilution history
- Eligibility criteria: what counts toward the base and what does not
- Inventory composition, turns, and whether it can be valued reliably
- Reporting capability — the business must be able to report on the collateral
- Field examination where the file calls for it
Pricing, fees, advance rates, and amortization for this product are set on the file.
Structured
Bespoke facilities for files outside a standard credit box.
Secured by
Negotiated file by file. May combine unsecured and secured tranches, holdbacks, or staged draws.
What it is
Bespoke facilities for situations a standard credit box reads wrong: a change of control, an acquisition, a partner buyout, a recapitalization, a seasonal cycle, or a collateral mix that does not sort cleanly into one product.
Security, covenants, amortization, and reporting are negotiated deal by deal. A facility may combine unsecured and secured tranches, carry a holdback against performance, sit alongside an existing lender, or draw in stages against defined milestones.
These files are underwritten one at a time by the people who will hold them through the term. Bring the situation and we will tell you plainly whether it is one we can structure.
What a business uses it for
- Acquisitions and partner buyouts
- Recapitalizations and changes of control
- Seasonal cycles a fixed facility reads wrong
- Situations where collateral spans several asset types
- Files carrying a story that a standard credit box cannot hold
What we look at in underwriting
- The situation itself: what is changing, and what the capital is meant to do
- Pro forma coverage under the structure being contemplated, not just trailing results
- Whatever security is available, and how it can be documented
- Covenant and reporting package appropriate to the risk actually taken
- Who is standing behind the file and what they bring to it
Pricing, fees, advance rates, and amortization for this product are set on the file.
Side by side
How the four differ.
Structure only. Pricing, fees, and advance rates are set on the file.
| Attribute | Unsecured | Secured | Asset-based | Structured |
|---|---|---|---|---|
| Security | None pledged; guarantee typical | Lien on identified assets | Blanket lien over the base | Negotiated file by file |
| Sizing basis | Cash flow and deposit history | Collateral value and cash flow | Eligible receivables, inventory, equipment | Whatever the situation supports |
| Availability | Fixed facility amount | Fixed facility amount | Revolves with the borrowing base | May draw in stages |
| Reporting | Periodic statements | Statements and collateral confirmation | Aging, inventory detail, field exam | Set in documentation |
| Common use | Working capital, payroll, suppliers | Equipment, expansion, refinancing a position | Long payment cycles, growth working capital | Acquisitions, buyouts, transitions |
Not sure which one fits? Send the file and we will tell you what the business supports.