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Specimen · constructed illustration

The document itself

PROJECT KEYSTONE

Confidential — do not distribute

Asset-based revolving credit facility for a specialty trade contractor in the Mid-Atlantic

Confidential financing summary · August 2026

A nineteen-year specialty trade contractor seeks a $2.4M asset-based revolving facility to retire existing secured debt and fund working capital against a $4.7M receivable base, supported by $2.1M of FY2024 adjusted EBITDA and 15.5% compound revenue growth since FY2022.

Company overview

– Nineteen years of continuous operation as a mechanical and specialty trade contractor serving general contractors and institutional owners across the Mid-Atlantic.
– Revenue of $18.4M in FY2024 grown from $13.8M in FY2022 — a 15.5% compound annual rate — with gross margin expanding 160 basis points over the same period.
– Accrual-basis financial statements prepared consistently across all three years on file, with federal returns filed for each.
– Work is predominantly unbonded with bonded contracts representing under 10% of current backlog.

Key metrics

$18.4M
FY2024 revenue: $2.1M
FY2024 adjusted EBITDA: $4.7M
Receivables: 19
Years operating

Facility sought

Amount sought: $2.4M revolving facility
Drawn at close: $1.95M
Security offered: First lien on accounts receivable and related assets
Indicative tenor: 36 months, renewable
Eligibility basis: Open to proposals against the eligible base below

Sources & uses ($M)

Sources
Revolver draw at close	$1.95
Total sources	$1.95

Uses
Existing revolver payoff	$1.35
Seller note payoff	$0.52
Fees and expenses	$0.08
Total uses	$1.95

Financial summary

	FY2022A	FY2023A	FY2024A
Revenue	$13.8M	$16.1M	$18.4M
Gross margin	19.2%	20.1%	20.8%
Adjusted EBITDA	$1.42M	$1.74M	$2.10M
EBITDA margin	10.3%	10.8%	11.4%

Receivable quality

– Trade receivables of $3.8M excluding $0.9M of contract retainage, against FY2024 revenue — 75 days sales outstanding.
– Eligible base of $3.2M net of retainage and balances aged beyond ninety days, per the July 2026 aging tied to the general ledger.
– Largest account debtor at 22% of trade receivables measured at the ultimate parent level; a publicly reporting general contractor.
– Dilution of 1.8% across the trailing twelve months, comprising credit memos and contract adjustments.

Coverage

Pro forma fixed charge coverage of 3.1×

FY2024 adjusted EBITDA of $2.10M against $672K of pro forma annual fixed charges — $198K of interest on the expected average revolver balance, $186K of amortising equipment notes that survive the refinance, and $288K of unfinanced maintenance capital expenditure. The existing revolver and seller note are retired at close and carry no post-close service.

A constructed specimen, not a redacted client file — sector, geography and figures together can identify a business even without a name, and a public page is not a lender NDA. Yours is built from your own numbers, and you see it before any lender does.

Start your file

Four documents

Anonymized teaser

One page. Codename only. Enough for a lender to say yes or no to reading further, with nothing that identifies you until you approve the disclosure.

Bankability memo

The underwriting: whether the payments are covered, what the business really earns, what secures the loan, and whether you qualify — with the arithmetic shown rather than a score asserted.

Lender shortlist

Which funders from the repository fit this file, and specifically why each one — check size, sector, geography and credit box.

Document index

Everything assembled and labelled once, so the fourth lender's diligence request doesn't restart the process.

The memo at a glance

Know how lenders will read the file before they read it.

The memo shows how lenders will read the numbers: coverage, viable structures and the reasons each product fits. A credit analyst reviews the work before the teaser goes to market.

Bankability memoBANKABLE

Debt service coverage

1.42×

clears the 1.15× SBA floorfloor 1.15×

Line of CreditSOFR + 2.25%
SBA 7(a)Prime + 3.00%
Equipment$310K supported
Factoring61% concentration

SOFR and Prime are published benchmark rates — when they move, your rate moves. Specimen; illustrative, not an offer.

Every number in it is one we computed

The teaser is assembled from figures the underwriting produced, not written as marketing copy. If the file does not establish a number, that number does not appear — a teaser omitting EBITDA reads as an early-stage file, but one asserting an EBITDA nobody computed reads as a lie the first time a lender asks for the backup.

That is why it says “dilution of 1.8% across the trailing twelve months” rather than “clean receivables”. A lender can check the first against the aging. The second is worth nothing.

And some words never appear

Certain vocabulary marks a file as distressed before anyone reads the numbers. Four words in particular — advance, position, debit, and the obvious one — tell a credit officer they are looking at a stacked borrower, and the file gets discounted on sight.

Our teasers are checked against that vocabulary automatically before they go out. Not to conceal anything — the underlying obligations are disclosed in the memo and in diligence. But describing a refinance in the language of the advance market invites a lender to price you as something you are not.

This is the kind of thing that separates a packaged file from a forwarded email, and it is invisible to the borrower unless someone shows them.

Nothing goes out until you approve it

You see the teaser before any lender does. You approve each funder by name. Your identity is disclosed only after a lender has expressed interest on the anonymized file — which means a market survey never becomes a market rumour.

That is clause four of the disclosure standard, and it is the one most often broken by brokers who shotgun a file to forty funders on day one.

Get your teaser started What this saves you

What we actually produce on your behalf.