Notes on Specialty Finance

When I underwrite a merchant cash advance, I look at failed payments before I look at total revenue. Here is why recent payment history tells me more about a business's current health than past sales.

I read the Federal Reserve’s 2026 report on employer firms asking one question: does the data on merchant cash advances match what I hear daily? The answer is yes. 38 percent of firms applied for financing. 8 percent chose merchant cash advances. When speed equals survival, the math changes.