Knowledge center
How debt financing works
Two frameworks and eight plain-English product guides: where each product sits, what it costs, and when to use it.
The credit landscape
The right product depends on stage
As cashflow turns positive and revenue scales, the market widens: venture debt at the earliest stage through to corporate finance at $1bn+ enterprise value.
Products overlap by design: a business may qualify for more than one.
Structure vs price
The trade-off behind every debt product
More structure and collateral, cheaper capital. Choosing a product is choosing where on this spectrum the business can credibly sit.
Highest cost
No structure, no collateral
Maximum flexibility: no covenants and nothing pledged beyond an all-asset charge.
Mid cost
Some structure and/or collateral
Covenants, or assets like receivables and deferred revenue, bring the price down.
Lowest cost
High structure and/or collateral
Full covenant packages and strong collateral or cashflows earn the cheapest capital.
Indicative positioning only. Pricing and structure depend on the company, the assets, and the market, and are subject to further diligence.
Debt financing
Product guides
Eight products across cashflow and asset-backed financing. Each guide sets out indicative terms, the business profile it suits, and when not to use it.
Cashflow financing
Venture Debt
$2M-$30MNon-dilutive runway for VC-backed companies, alongside or after a round.
Read the guideGrowth Debt
$10M-$100MLarger, cheaper debt for scale-ups with established revenues.
Read the guideMezzanine
$10M-$100MFlexible junior debt between senior debt and equity, for companies nearing an exit.
Read the guideUnitranche & Buyout Finance
$20M-$200MA single blended facility for profitable companies, buyouts, and acquisitions.
Read the guideRevolving Credit Facility
$5M-$100MA true revolver for profitable businesses: draw at will, repay at will.
Read the guideRevenue-Based Financing
$2M-$20MCapital repaid as a share of revenue: fast, flexible, fully non-dilutive.
Read the guideAsset-backed financing
Ready to put this to work? We arrange debt from $2m to $200m, run as a structured process by a dedicated banker.
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