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.

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.

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.