Start with the downside.
We test collateral value, eligibility, cash control and enforcement before considering leverage or pricing.
Approach
Underwrite the downside first.
Repayment should remain clear when assumptions become less comfortable.
Eligibility before advance rate.
Assets that cannot be clearly owned, controlled or realised do not enter the borrowing base.
Monitor throughout.
Regular reporting, field examinations and cash controls keep each facility tied to its collateral.
Work through specialist networks.
We review opportunities from advisers, banks, insurers, appraisers and specialty lenders, directly or initially on a no-names basis.