Notes on Specialty Finance

Most funders judge revenue-based funding by stack position. I don't. After years in this, what predicts performance is capacity — revenue, bank consistency, and real coverage of what's already owed. Here's why position is the lazy metric.

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.