Notes
Writing on commercial debt
Five pieces on the parts of commercial lending that are mechanical rather than mysterious — which is most of them, once someone says which number is doing the work.
Latest — Sizing — 7 min readThe constraint that bindsThree tests decide the size of a commercial loan. Knowing which one is stopping you is worth more than knowing all three. Read it
Structure — 6 minThe balloon nobody mentionsA thirty-year amortisation with a ten-year term repays about a fifth of the principal. The rest is due on a Tuesday.August 12, 2026
Underwriting — 8 minReading a T-12 the way an underwriter doesThe operating statement you send and the operating statement a credit committee reads are not the same document.July 29, 2026
Transitional — 6 minBridge debt is a date, not a rateThe interesting number on a bridge loan is not the coupon. It is the day the loan is due and whether anything retires it.July 15, 2026
Sizing — 5 minWhy office leverage is where it isIt is not sentiment. It is one number, and you can watch it do the work.June 30, 2026