Notes on Specialty Finance

Merchants and brokers love to showcase healthy ending balances on bank statements. But I know that a single month-end number can hide dangerous intraday cash flow problems. Here is why the real metric that predicts my default risk is the low water mark.

Most files on funding platforms look fine on paper. The ones that stop me are the renewals. After twenty years in specialty finance underwriting, here is the signal I trust above almost everything else.