A senior banker on every deal, from the first call to the close.
The lender package in 1 day once the documents are in. At least 7 days by hand.
Nothing goes to a lender without your approval, and no lender learns your name until you approve it.
From the ledger to available cash
Qualify
Identify eligible receivables and inventory
Advance
Apply the agreed advance rates and sublimits
Reserve
Deduct reserves and apply the facility limit
Draw
Subtract existing loans and other facility usage
Illustrative borrowing-base sequence. Actual definitions, calculation order, reserves and usage deductions are set by the loan agreement.
The financing decision
For companies with $10M to $100M+ in revenue.
A structure built around your business.
A revolving credit facility allows repeated borrowing and repayment within agreed terms. A cash-flow revolver relies on the company’s earnings; an asset-based revolver links availability to eligible receivables and inventory. The useful number is what remains available after eligibility adjustments, advance rates, reserves and existing usage. We model that against payroll, supplier payments and collections to assess a facility that supports the operating cycle, including the reporting required to keep it available.
Before the file goes to market
We review invoice age, disputes, concentrations, credits and collection history. Where inventory matters, we examine its composition and turnover. The ledger balance and the collateral a lender will recognize can be different amounts.
We connect the borrowing-base calculation to the cash forecast. Customer payments, seasonal inventory, reserves and outstanding draws can change availability in the same period that payroll or supplier costs peak.
A workable line includes workable reporting. We compare borrowing-base submissions, field exams, cash controls, covenants and renewal terms with the company’s systems and operating needs before recommending a lender strategy.
Compare the structures
Where it can fit
A business with supportable earnings and a recurring need to bridge its operating cash cycle.
What to examine
Review covenants, commitment terms, guarantees and any requirements to reduce or repay the line periodically.
Where it can fit
Eligible receivables and inventory support borrowing that can grow or contract with the asset base.
What to examine
Negotiate the practical availability formula, reporting burden, cash controls and reserve provisions together.
Where it can fit
An asset-based revolver for working capital, with a separate term loan against cash flow or fixed assets, under a split-lien arrangement.
What to examine
The intercreditor terms decide which lender has first claim on which collateral. Model both facilities’ covenants together.
Where it can fit
Strong collateral with uneven earnings: a turnaround, a fast-growing company or a business a bank has stopped lending to.
What to examine
Compare pricing, minimum-usage and early-termination fees, and how tightly the lender controls cash.
Where it can fit
An identifiable build in inventory or receivables creates a recurring seasonal cash requirement.
What to examine
The draw period, paydown pattern and maturity should follow the actual season rather than an optimistic sales forecast.
Structures depend on the business, transaction and lender requirements. OCC: Asset-Based Lending handbook
Why run a process
Save on time and costs.
Once the documents are in, software builds the financing model, the lender presentation and the blind teaser in a day; by hand the same package takes at least a week. A senior banker checks every page, so you are not paying for analyst hours. Lenders that fit see the teaser first, and you approve each one by name before it learns who you are. Your banker compares the term sheets and negotiates to close.
These documents move the work forward. You can start the conversation before the file is complete; your banker tells you what is missing.
A confidential first conversation: what the capital is for, and what the package will need.
Before you start
Go deeper
On an asset-based revolver, the facility most companies with $10M to $100M+ in revenue and real receivables and inventory end up with, the commitment is a ceiling, not a promise. What you can actually draw is recalculated from your collateral every month, and the rules behind that number decide whether the line is there when you need it.
Lenders do not advance against your receivables. They advance against the part of your receivables they could collect without you. The gap between the two is decided by a list of exclusions most owners never see until the first field exam.
On an asset-based revolver, a reserve can take a large bite out of availability without a single term in the agreement changing. Most owners first hear the word when their availability drops, which is the one moment they have no leverage to argue about it.
The certificate is a one-page form an officer signs every month, and it is the document an asset-based lender relies on most. At a company with $10M to $100M+ in revenue it usually falls to the controller or CFO. Get the arithmetic wrong a few times and the lender stops relying on it, which costs far more than any single error.
On an asset-based line, the lender's security is your receivables, and receivables become cash. Cash dominion is how the lender makes sure that cash reaches the loan. The part worth negotiating is not whether it exists but when it switches on.
For a company with $10M to $100M+ in revenue, the revolver is usually one of these two. Both are revolving lines. They are sized on different things, policed in different ways and fail in different ways, and the wrong one can leave a sound business short of cash exactly when it needs it.
A confidential first conversation about a refinancing, an acquisition, growth capital or a sale.