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Structures by sector

Lenders assess each sector differently. For eight sectors, this page sets out the facilities that usually fit and the questions a credit committee will ask. If your sector is not listed, send the request anyway.

Real estate

Residential, logistics, hospitality and mixed-use development and investment. Much construction and bridge lending now comes from debt funds, and their terms differ widely for the same scheme.

Facilities that usually fit

  • Land and planning bridge
  • Senior and stretch-senior construction
  • Completion-to-sale and refinancing bridges
  • Term loans on stabilised assets

What the credit committee asks

  • Developer track record and equity at risk
  • Cost certainty and contractor strength
  • Sales or letting evidence for the exit
  • Release pricing and interest reserve

Agribusiness & commodities

Exporters, traders and processors. Many Latin American agribusinesses earn in US dollars but borrow short-term in local currency. Trade banks and commodity funds can lend in USD against offtake, inventory and receivables.

Facilities that usually fit

  • Pre-export finance (PXF)
  • Inventory and receivables borrowing bases
  • USD term loans through an offshore holding company
  • Lines backed by CPR or warehouse receipts

What the credit committee asks

  • Who the offtakers are and on what terms
  • Collateral management and insurance
  • Weather, yield and price hedging
  • ESG and deforestation compliance

Industrials

Manufacturing and distribution. In asset-heavy businesses, collateral can support more debt than EBITDA alone, so asset-based and equipment finance often sit alongside a cash-flow term loan.

Facilities that usually fit

  • ABL revolver on receivables and stock
  • Equipment and plant term loans
  • Acquisition term loan with an ABL
  • Sale-and-leaseback of property

What the credit committee asks

  • Customer concentration
  • Whether input costs can be passed on
  • Capex cycle and maintenance spend
  • Stock ageing and obsolescence

Business services

Asset-light businesses with recurring contracts, low capex and good cash conversion. Direct lenders are active here, particularly for buy-and-build strategies.

Facilities that usually fit

  • Unitranche with a delayed-draw tranche
  • Senior bank club at lower leverage
  • Holdco PIK for an equity gap
  • Accordion for add-on acquisitions

What the credit committee asks

  • Contract length and churn
  • EBITDA adjustments and add-backs
  • Track record of integrating acquisitions
  • Dependence on key people

Healthcare

Clinics, care homes and healthcare services. Where the operator owns its sites, separating the operating company from the property company can release capital.

Facilities that usually fit

  • Senior term loans for roll-ups
  • Sale-and-leaseback of clinical property
  • Development finance for care homes
  • Working capital against receivables

What the credit committee asks

  • Payer mix and reimbursement risk
  • Regulatory ratings and licences
  • Staff costs and availability
  • Profitability site by site

Technology

Software and other recurring-revenue businesses that are profitable or close to it. Some lenders size debt on recurring revenue rather than EBITDA, moving to cash-flow covenants as the business matures.

Facilities that usually fit

  • Term loans sized on recurring revenue
  • Unitranche for sponsor-backed software
  • Growth debt alongside an equity round
  • Acquisition lines for consolidators

What the credit committee asks

  • Gross and net revenue retention
  • Customer acquisition payback
  • Path to positive cash flow
  • IP ownership

Energy & infrastructure

Solar, storage, distributed generation and essential infrastructure. Once construction risk is covered, contracted cash flows can support long-dated debt.

Facilities that usually fit

  • Construction-to-term project loans
  • Holdco financing of operating portfolios
  • Development capital facilities
  • Equipment and receivables finance

What the credit committee asks

  • Length of the power purchase agreement and the buyer
  • EPC contract and performance guarantees
  • Merchant price and curtailment risk
  • Grid connection and permits

Consumer & retail

Brands that carry inventory. Inventory-heavy models fit asset-based lending; brands with stable margins can raise cash-flow debt.

Facilities that usually fit

  • Seasonal ABL revolver
  • Inventory and purchase-order finance
  • Term loans for profitable brands
  • Revenue-based facilities for online sellers

What the credit committee asks

  • Gross margin stability
  • Dependence on channels and marketplaces
  • Sell-through and markdown history
  • Supplier concentration

Send a request in any sector

Tell us what the business does and what the money is for. We will say which lenders are likely to look at it, or tell you if we think none will.

Go to the request form