Insights

Software private credit is evolving as lenders reassess leverage, pricing, liquidity, and recurring-revenue structures across large-cap and lower-middle-market deals.

A credit memo is more than a summary of a borrower’s financial performance. It is the underwriter’s case for why a specific risk should be approved on specific terms. This article explains what investment committees evaluate across business quality, cash flow, leverage, liquidity, collateral, risk mitigants and transaction structure—and how borrowers can prepare the evidence and third-party diligence needed to withstand lender scrutiny.