Notes on Specialty Finance

The Forward Financing $525 million raise includes insurance companies. I break down why this signals a major shift in institutional capital in small business lending.

Merchant cash advance underwriting is mostly exclusion, not pricing. Here's how I read capacity off the tape, and why I say no early to protect the capital I deploy.

A look behind the curtain at how I evaluate deals. I explain why my merchant cash advance underwriting ignores FICO and focuses entirely on daily cash flow and renewal strength.