What your whole structure actually costs
Every calculator on the web prices one loan. Businesses do not have one loan. Put the senior note, the junior paper and the advances on one axis, see what they cost together — then see what the same company looks like sized on its earnings instead of on its shortfall.
| Pos | Layer | Amount | Cost | Term | Annual cost | Payoff | APR | |
|---|---|---|---|---|---|---|---|---|
| amortising note | % rate | months left | $213,072 | $1,150,000 | 10.5% | |||
| receivables purchase | factor | weekly pmts | $487,847 | $562,900 | 46.3% | |||
| receivables purchase | factor | daily pmts | $238,000 | $238,000 | 64.8% |
What it takes to retire the whole structure.
Cash out the door over the next twelve months.
Weighted by payoff, not principal — an advance's balance already carries its whole charge.
Levered 0.56x today, covered 3.73x. A structure is not the same thing as a problem — what matters is which of the two this is.
| Sized at | Structure | Facility | Retires | Left over | Annual cost | Coverage |
|---|---|---|---|---|---|---|
| 2.0x | Bank senior8.75% · 84mo · amortising | $7.00M | $1.95M | $4.91M | $1.34M | 2.61x |
| 2.5x | Bank senior9.25% · 84mo · amortising | $8.75M | $1.95M | $6.62M | $1.70M | 2.06x |
| 3.0x | Unitranche11.5% · 60mo · 1% + bullet | $10.50M | $1.95M | $8.34M | $1.31M | 2.67x |
| 3.5x | Unitranche11.5% · 60mo · 1% + bullet | $12.25M | $1.95M | $10.05M | $1.53M | 2.29x |
Sized on earnings rather than on the shortfall — which is the difference between a refinancing and a recapitalisation of the same company on the same day. Each row is modelled the way that paper is actually written: bank senior amortising over its term, unitranche at about 1% a year against a bullet. The cheaper rate carries the heavier cash burden, which is most of what choosing between them means. 2% of fees out of proceeds. Indicative, not a quote.
- Senior term note sits in first position with 2 advances underneath it. Almost every senior note bars additional liens without consent, so the file is likely in technical default already — and both a junior facility and a full takeout need that lender's signature. Their consent is the gating item, not the new money.
- Size the stack from the bank statements' debits, not the UCC index. Nominee filers — CSC, CT Corporation, First Corporate Solutions — file on funders' behalf, so the record names the nominee and the search reads short.
Send the file once and we run every structure above against the lenders that write them. Free to find out.
Questions
Is a 1.30 factor the same as 30% interest?
No, and the gap is the reason these structures are so hard to read. A 1.30 factor repaid over sixty weekly remits costs roughly 46% annualised, because you are paying the full charge back against a balance that is amortising away the entire time. Two advances with identical factors and different remittance schedules are not the same price.
Why weight the blend by payoff instead of by balance?
Because an advance's balance is payback — the advance plus its whole finance charge, already accrued — while a note's balance is principal. Blending them as one quantity counts the advance's cost as capital and flatters the structure. Payoff is what you would actually have to raise to replace each layer, so it is the honest weight.
Do cash advances settle at a discount if I pay them off early?
Sometimes, and never reliably. Some funders will discount an early payoff and none are obliged to. This calculator assumes the full remaining payback, because a structure sized on a discount nobody granted is a structure that fails at the closing table.
Does having several positions mean the business is in trouble?
Not by itself. A company can carry four advances and still be under one turn of leverage and covering comfortably — advances are often evidence that a business outgrew its bank rather than evidence of distress. What decides it is leverage against earnings and what the senior lender's consent will allow, which is why both are on this page.
Will a new lender need my existing lender's permission?
Almost always. A senior note nearly always bars additional liens without consent, so a junior facility needs a subordination and a full takeout needs a payoff letter. That signature — not the new money — is usually the gating item, and it is worth establishing before anything else.
We place 9 structures across 1,500+ lenders. If the read above says your structure needs rewriting rather than adding to, that is the work.