Capital Structure Subordinated Debt vs Mezzanine Financing: How Junior Capital Works Subordinated debt and mezzanine financing both sit behind your senior lender, and the labels get used interchangeably. They are not the same instrument. Here is how each one ranks, how each gets paid, what it really costs, and when junior capital makes sense for...
REGULATORY UPDATE When Your Funder Needs a State License: California AB 2116 and the New Map of Commercial Financing Regulation California has enacted the broadest commercial financing licensing law in the country. Here is what AB 2116 covers, which dates matter, and what borrowers should consider between now and July 2028. On September 30, 2026,...
SBA LENDING What Changes for SBA Borrowers on October 1, 2026 The SBA’s updated lending handbook, SOP 50 10 8.1, takes effect October 1, 2026. What owners, buyers, and advisors should know about eligibility, guarantees, and acquisition paperwork, and which financing paths stay open when a deal no longer fits the SBA box. On October...
REFERRAL PARTNER SERIES Intercreditor Agreements: Making Room for Multiple Sources of Capital Two lenders, one collateral pool: the intercreditor agreement makes room for both. Two lenders, one borrower, one pool of collateral. Before either of them funds, somebody has to decide who gets paid first, who waits, and who controls enforcement. That decision lives in...
Interest-rate planning The Fed Raised Rates: Stress-Test Your Floating-Rate Business Debt for 2027 The Federal Reserve raised its target rate by 25 basis points on September 16, 2026. If your business carries a floating-rate revolver, asset-based facility, or variable-rate term loan, the useful response is not to predict the next meeting. It is to calculate...
