Notes on Specialty Finance

I have read thousands of trailing 90 day bank statements and processor reports. In this post I explain what a merchant cash advance actually is, how the reconciliation clause works, and why the daily remittance is a risk control rather than a repayment convenience.

I've spent my career working at the intersection of business owners and capital. In this post, I explain what specialty finance is, how non-bank lending works, and why specialty finance companies have become a critical source of capital for businesses that traditional banks overlook.

Concentration is the risk that quietly does the damage. Here is how I think about portfolio concentration risk, and why I underwrite the shape of the book over any single deal.

I co-funded a $699M real estate operator's MCA. The frame I used to bring to underwriting was wrong. Here's what I learned by watching him work.