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.

Most allocators who say they hold private credit hold direct lending. I work a different corner of the category. Short duration commercial receivables purchased under UCC Article 9 sits inside specialty finance and behaves nothing like a three to seven year corporate loan. Ali Barkhordar writes from Ultimate Business Capital in Sheridan Wyoming.