Four documents
One page. Codename only. Enough for a lender to say yes or no to reading further, with nothing that identifies you until you approve the disclosure.
The underwriting: coverage, global cash flow, collateral position, program eligibility — with the arithmetic shown rather than a score asserted.
Which funders from the repository fit this file, and specifically why each one — check size, sector, geography and credit box.
Everything assembled and labelled once, so the fourth lender's diligence request doesn't restart the process.
A specialty trade contractor in the Mid-Atlantic seeking an asset-based revolving line.
The company has operated for nineteen years and generated $18.4M of revenue in the most recent filed year, growing at a 14% compound rate across the three years on file.
Adjusted EBITDA of $2.1M supports debt service coverage of 1.61× on the facility requested. The $2.4M sought refinances existing obligations rather than adding to them.
Thirteen months of bank statements were analysed. No returned items were identified across the period.
- • Receivables of $4.7M — with the largest obligor representing 22% of the balance, rolled up to parent.
- • Debt service coverage of 1.61× — computed on the proposed facility plus existing service, not on existing alone.
- • Nineteen years of operating history — with financial statements prepared on an accrual basis throughout.
Materials and management access available under NDA through the placement agent.
A constructed specimen, not a redacted client file — sector, geography and figures together can identify a business even without a name, and a public page is not a lender NDA.
Every number in it is one we computed
The teaser is assembled from figures the underwriting produced, not written as marketing copy. If the file does not establish a number, that number does not appear — a teaser omitting EBITDA reads as an early-stage file, but one asserting an EBITDA nobody computed reads as a lie the first time a lender asks for the backup.
That is why it says “thirteen months of bank statements were analysed” rather than “strong banking history”. A lender can check the first. The second is worth nothing.
And some words never appear
Certain vocabulary marks a file as distressed before anyone reads the numbers. Four words in particular — advance, position, debit, and the obvious one — tell a credit officer they are looking at a stacked borrower, and the file gets discounted on sight.
Our teasers are checked against that vocabulary automatically before they go out. Not to conceal anything — the underlying obligations are disclosed in the memo and in diligence. But describing a refinance in the language of the advance market invites a lender to price you as something you are not.
This is the kind of thing that separates a packaged file from a forwarded email, and it is invisible to the borrower unless someone shows them.
Nothing goes out until you approve it
You see the teaser before any lender does. You approve each funder by name. Your identity is disclosed only after a lender has expressed interest on the anonymized file — which means a market survey never becomes a market rumour.
That is clause four of the disclosure standard, and it is the one most often broken by brokers who shotgun a file to forty funders on day one.