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The Underwriter's Read: The Full Series
Every lesson in the series, grouped by layer, with what each layer establishes.
Oct 2
•
Derek R Brunelle
September 2026
Refinance Horizon: Whether a New Lender Would Refinance the Loan When It Matures
How a lender tests whether the business could refinance its loan when it comes due.
Sep 29
•
Derek R Brunelle
Downside and Recovery: What the Collateral Is, Where It Sits, and How Easily It Converts to Cash to Repay the Loan
How a lender estimates what it would recover if the borrower defaulted, and how long that takes.
Sep 29
•
Derek R Brunelle
1
Claim Priority: Where the New Loan Ranks, Which Entities Hold the Assets, and Where They Sit
How a lender confirms where a new loan ranks and what could move ahead of it later.
Sep 29
•
Derek R Brunelle
1
Sources of Repayment: Operating Cash Flow, Refinancing, and Asset Sales or Owner Support
How a lender tests whether each source of repayment is real, and which one the loan relies on.
Sep 29
•
Derek R Brunelle
The Repayment Layer: Sources of Repayment, Claim Priority and Refinancing
How a lender tests whether the loan is repaid if the business does not perform to plan.
Sep 28
•
Derek R Brunelle
The Cash-Consuming Borrower: How a Lender Underwrites a Business That Is Not Yet Profitable
Runway, the burn trend, and the covenants a lender uses instead of coverage.
Sep 28
•
Derek R Brunelle
Financial Policy: How Management Uses Cash When It Has a Choice
How a lender reads distributions, acquisitions and ownership, and what the covenants allow.
Sep 28
•
Derek R Brunelle
Capital Intensity: Maintenance Spending, Growth Spending, and What Is Left
How a lender separates the capex that keeps the business running from the capex that grows it.
Sep 28
•
Derek R Brunelle
Liquidity and Working Capital: How Much Cash Growth Ties Up
How a lender measures the cash tied up in receivables and inventory, and the lowest cash month.
Sep 25
•
Derek R Brunelle
Leverage: The Debt Multiple Before and After the New Loan
How a lender counts every obligation and measures it against its own EBITDA figure.
Sep 25
•
Derek R Brunelle
Cash Flow and Coverage: How Much of the Reported EBITDA Is Cash the Debt Can Be Paid From
How a lender tests add-backs and rebuilds coverage on the credit agreement's terms.
Sep 25
•
Derek R Brunelle
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