Know your headroom before it binds
Covenant monitoring tells you where you stand today. Treasury tells you where you will stand in six weeks: which test tightens first, how much cash the portfolio recycles, when to draw, when to sweep, and when it is time to ask for an upsize.
Sector concentration reaches the 30% cap in week 9 on current origination mix. Two remedies are already modelled: shift new e-commerce volume to WH-B, or pledge $6.2M of logistics collateral.
Illustrative interface. Figures are examples, not client data.
The forward view
Four questions a treasurer is asked, and rarely has time to answer
Which covenant tightens first?
Every test is projected forward on your current origination mix, repayment profile and delinquency trend. The one that binds first is named, with the weeks remaining and the remedies already modelled.
How much cash does the book return?
Inflow and outflow forecasting for the loan portfolio, built from the actual repayment schedules rather than an average. Company operating expenses stay out of it, deliberately.
Should we draw, or wait?
After a sale season, repayments arrive faster than new lending consumes them. Sometimes the right move is to sweep, sometimes to skip a draw entirely because the cash recycles into new loans.
When do we need the next facility?
Upsize readiness is a date, not a feeling. Growth against commitment, headroom trend and the diligence pack a new lender will ask for, tracked together.
Cost of idle cash
Draw timing is a cost lever, not an admin task
Cash sitting in an SPV earns nothing while the senior margin accrues on it. Drawing late starves origination. Drawing early pays interest on money that has not been deployed. Between those two mistakes there is a schedule, and it is computable.
Where a facility has senior and mezzanine tranches, sequencing matters more still, because the marginal cost of the next dollar depends on which tranche it comes from.
Draw and sweep calendar
Anticipated advance requests and collection sweeps for the coming quarter, sized against projected origination.
Tranche sequencing
Which tranche funds the next draw, chosen against the blended cost of funds rather than by habit.
Cost decomposition
Senior margin, commitment fee drag, unused fee and amortised arrangement fee, resolved into one effective rate you can stress.
Currency and hedge position
Hedge ratio against the covenant floor, with the unhedged value trim it costs you in the borrowing base.
Same numbers
The reports your lender reads and the forecast your CFO reads are the same compute
Which removes an entire category of embarrassment. There is no version of the portfolio that exists only in a finance spreadsheet, and no reconciliation meeting to decide which number is right.
| Output | Cadence |
|---|---|
| Borrowing base certificate | Daily |
| Covenant compliance certificate | Monthly |
| Monthly servicer report | Monthly |
| Pool stratifications | On demand |
| Cash and covenant forecast | Continuous |
| Upsize readiness pack | On demand |
Prefer to have this produced for you? That is the Data Agency service.
See your own headroom projected forward
Twelve weeks of your covenant position, built from your repayment schedules and your origination plan.