Lender Selection
A term sheet is just the start. The lender behind it determines whether your deal closes in 30 days or dies in committee. Here are the eight questions to ask before you sign.
The #1 filter. If your deal is $30M and the fund writes $100M minimum, you're dead on arrival. Look for overlap, not adjacency.
A fund with a 30-day close target operates differently than one with a 90-day committee process. Match their timeline to yours — speed mismatches kill deals.
Many private credit funds only lend to PE-backed companies. If you're founder-owned, filter for non-sponsor or sponsor-optional lenders.
A fund may arrange a $500M facility but only hold $50M. If you need $75M, they'll need syndication partners — that adds time and complexity.
Some funds require $10M+ EBITDA. Others have no minimum. Know your number and target accordingly.
Industry expertise means faster diligence and better terms. A lender who knows healthcare regs or SaaS metrics won't stumble on deal-specific issues.
A great mandate with no verified contact is worthless. Prioritize funds where you can reach a named person — not a generic info@ address.
If they syndicate, your deal gets shopped to other lenders — you lose control of who sees it. If they hold, you have one counterparty.
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