How do warehouse lenders assess a loan book?

Primarily through cohort-level data: vintage curves, default and recovery rates, concentration, and how eligibility criteria have held up over time. Demonstrable underwriting discipline matters more than headline growth.

Can early-stage fintechs raise lender finance?

Yes, once there is an originated book with enough performance history to model. Early facilities are smaller with conservative advance rates and a meaningful first-loss cushion, scaling as the data matures.

Debt financing for

Fintech & Specialty Lenders

For fintechs and specialty finance companies, the loan book itself is the asset. Debt financing lets originators fund lending volume with third-party capital, through warehouse facilities, back-leverage, and forward-flow arrangements, instead of consuming equity on every loan written.

Lender-finance providers underwrite the book, not the brand: cohort-level performance data, underwriting discipline, and structural separation between the operating company and the financed assets. Strong data is the single biggest unlock for terms.

See what you can raise Talk to a banker

Best-fit products

The structures that work in Fintech & Specialty Lenders

Asset-backed financing

Lender Finance

Warehouse and back-leverage facilities for lenders and fintechs with a loan book.

$20M-$200M

Asset-backed financing

Asset-Backed Lending

Revolving lines against receivables, inventory, MRR, or equipment.

$5M-$200M

Cashflow financing

Growth Debt

Larger, cheaper debt for scale-ups with established revenues.

$10M-$100M

Cashflow financing

Unitranche & Buyout Finance

A single blended facility for profitable companies, buyouts, and acquisitions.

$20M-$200M

What lenders like

Why the sector attracts debt capital

The loan book is collateral; origination scales with capital, not equity
Data-rich underwriting lets lenders model performance cohort by cohort
Warehouse structures bridge naturally toward securitisation
Opco debt can fund the platform alongside the book facility

What investors will ask

The diligence questions to be ready for

Vintage curves: default, delinquency, and recovery rates by cohort
Concentration across borrowers, sectors, and geographies, and the eligibility criteria that police it
Regulatory permissions and licensing in every market of operation
Clean opco/SPV separation, and the size of the equity or first-loss cushion

Products, criteria, and themes shown are indicative, not exhaustive, and subject to further diligence on the company and its assets. Every business is assessed on its own merits.

Track record

Deals we've advised in the sector

$45M

Unitranche

Fintech

$28M

Lender Finance

Consumer Lending

$55M

Growth Debt

Insurance