Borrower Advisory

Two facilities quoted 75 basis points apart. Once field exams, appraisals, collateral monitoring and the finance team's own hours are counted, the cheaper-looking one costs 82 basis points more to run. The gap reverses entirely.

A manufacturer finances equipment and receivables while its largest asset sits untouched, carried at a depreciated book value that hides what it is worth. Two routes convert it to cash, and only one of them is a loan.

A buyer models an acquisition as price minus debt equals equity. Then the working capital true-up lands, and the seasonal build after it. The cash required is the same whichever month the deal closes, and the acquisition facility funds none of it.

Three United States public companies disclosed covenant amendments in 2026. Every creditor group said yes. One got a conditional bridge of a few months, another two years, a third nearly three. The breach severity is not what separated them.

Two recurring-revenue companies each report $6.0 million of ARR. One is offered a $2.0 million facility and the other $1.0 million. The difference is contract length, and it does not appear in any metric either company reports.

July brought the first contraction in commercial and industrial balances all year, at minus 1.1 percent annualized. Over the same stretch, lending to non-bank financial institutions reached $2,016.1 billion, up 20.4 percent.

A practice buys imaging and operatory chairs in the same quarter. One faces obsolescence in five years, the other runs fifteen. Financing both on a single term loses money at both ends.

Nearly eight in ten buyers expect to fund an acquisition through one government-guaranteed program, and ninety percent expect a seller note that only twenty-nine percent of owners plan to write.