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Lender network includes
Why UK founders overpay for debt
Walk into a bank with a forecast on the back of a napkin and you will get repriced, covenanted into a corner, or politely declined. The same business - with a proper Information Memorandum, debt capacity model and a competitive whole-of-market process - typically lands 50–150 bps tighter margin and 0.5–1.0x more leverage. That is the entire job of a debt advisor.
Your relationship manager is paid to lend you their bank's product - not the best product available. Without a competitive process you have no leverage on margin, fees or covenants. Lenders behave differently when they know they are one of eight bidders.
A hockey-stick model with no downside scenario tells a credit committee one thing: this management team has not considered risk. They will either decline or stress your covenants so hard that a soft quarter triggers a default conversation.
Standard covenant packages are written to protect the lender - not your operating headroom. Accept the first draft and you are likely in a default conversation the first time you post a soft quarter. The covenant negotiation is where most value is quietly lost.
How it works · 10–16 weeks
Wk 1–2
Debt capacity model across DSCR, leverage and interest cover - so you know exactly what the market will fund before you ask.
Wk 2–6 · Retainer
IM, three-statement model, covenant headroom analysis and full data room - built to Big Four standard.
Wk 4–10
8–15 lenders approached across clearing banks, challengers, private credit and ABL - running structured deadlines so they bid against each other.
Wk 8–12
Margin, fees, covenants, equity cure rights, capex baskets and amortisation - the full package, not just the headline rate.
Wk 10–16 · Success Fee
Credit committee, legal docs, conditions precedent and drawdown - managed end-to-end until funds hit your account. Success fee crystallises here.
The capital stack
The right answer is rarely a single product. Most of our deals blend two or three layers to balance cost, leverage and flexibility.
Pricing ranges are indicative. Actual terms depend on business quality, sector and market conditions at time of raise.
When founders call us
01 · Acquisition Finance
Senior and unitranche stacks combined with vendor loan notes and earn-outs to maximise leverage without breaking your balance sheet post-acquisition.
02 · Growth Capital
If your business has predictable cash flows, debt is dramatically cheaper than giving away another slice of the cap table. We raise capex, hiring and product investment funding.
03 · Refinancing
We benchmark your current facility against the live market and only recommend a refinancing if we can demonstrably reduce cost, remove restrictions or release trapped cash.
04 · MBO / MBI
We structure the senior plus mezzanine plus vendor loan note package that lets management take control without ceding majority equity to a private equity house.
05 · Working Capital & ABL
Invoice finance, stock finance and revolving credit facilities sized to your true working capital cycle - not a generic 90-day formula lenders default to.
06 · Recapitalisation
Use debt to fund a dividend recap or shareholder buyout - crystallising founder value without losing operational control or triggering a full sale.
Transparent fees
Our two-part fee model is explained up front, agreed in writing, and designed so our incentives align completely with yours.
Phase One
A fixed monthly retainer covering 4–6 weeks of preparation. This is what separates businesses that get priced like corporates from those that get treated like an unknown SME risk.
Why a retainer? Lender-ready prep is 4–6 weeks of genuine senior advisory work. Charging it as a retainer keeps fees aligned with effort and protects the quality of what reaches credit committee.
Phase Two
A percentage of the facility raised - payable only when funds land in your account. If we do not get you funded, we do not get paid the success fee.
Why a success fee? It aligns us completely with your outcome. We have a direct financial incentive to push for better margin, more leverage and looser covenants - because our fee scales with the quality of the deal we land.
Exact retainer and success fee percentages are scoped after the free 20-minute call and depend on facility size, complexity and timeline. All fees are fixed and agreed in writing before any work begins - no time-and-materials, no surprises.
"Equity is the most expensive money you will ever raise. The founders who win in the next decade will be the ones who learn to use debt as a strategic weapon - without handing over the cap table to do it."
Kish Patel ACA
Founder & Debt Advisory Partner, Consult EFC
Frequently asked
Lender network includes
Why UK founders overpay for capital
Walk into a bank with a forecast on the back of a napkin and you'll get repriced, covenanted into a corner, or politely declined. The same business — with a proper Information Memorandum, debt capacity model and a competitive process — typically lands 50–150 bps tighter margin and 0.5–1.0x more leverage. That's the entire job.
Your relationship manager is paid to lend you their bank's product, not the best product. Without a competitive process you have no leverage to negotiate margin, fees or covenants.
A hockey-stick model with no downside scenario tells credit committee one thing: this founder hasn't thought about risk. They'll either decline or stress your covenants to compensate.
Standard covenant packages are written to protect the lender, not your operating headroom. Accept the first draft and you'll be in a default conversation the first time you have a soft quarter.
The capital stack
The right answer is rarely a single product. Most of our deals blend two or three layers of capital to balance cost, leverage and flexibility.
Senior Term Debt
The cheapest senior capital available — typically SONIA + 2.5–4.5%. Best for cash-generative, profitable businesses comfortable with tighter covenant packages and quarterly testing.
Unitranche & Private Credit
Higher leverage, looser covenants, faster execution. Yield premium of 200–500 bps over senior bank debt. Perfect for acquisitions, MBOs and high-growth businesses where speed and flexibility justify the cost.
Mezzanine & Subordinated
Sits between senior debt and equity. Higher yield (typically 8–14%) often with a PIK component or equity warrant. Used to stretch total leverage on transformational acquisitions or MBOs without further equity dilution.
Asset-Based Lending (ABL)
Releases working capital tied up in debtors, stock or fixed assets. Up to 85% of eligible receivables, 50% of inventory. Ideal for asset-heavy businesses or those with seasonal working capital swings.
Venture Debt
Non-dilutive growth capital for VC-backed scale-ups between equity rounds. Typically 25–35% of the last equity round, with a small warrant package. Extends runway without resetting valuation.
Covenant Structuring
Margin matters. But leverage, interest cover, capex baskets, permitted disposals, equity cure rights and headroom matter more. We negotiate the entire package — not just the headline rate.
When founders call us
Different transactions need entirely different pools of capital. We match your specific event with the lender profile most likely to fund it on aggressive terms.
01 · Acquisition Finance
Senior + unitranche stacks combined with vendor loan notes and earn-outs to maximise leverage without breaking your balance sheet. See M&A advisory →
02 · Growth Capital
If your business has predictable cash flows, debt is dramatically cheaper than equity. We raise capex, hiring and product investment without you giving away another share.
03 · Refinancing
Existing facility no longer fit for purpose? We benchmark against the live market and only refinance if we can demonstrably reduce cost or remove restrictions.
04 · MBO / MBI
We structure the senior + mezzanine + vendor-loan-note package that lets a management team take control without giving away majority equity to a PE house.
05 · Working Capital & ABL
Invoice finance, stock finance and revolving credit facilities sized to your true working capital cycle — not a generic 90-day formula.
06 · Recapitalisation
Use debt to fund a dividend recap or shareholder buyout — crystallising founder value without losing operational control or selling the business.
The process · 10–16 weeks
Week 1–2 · Diagnostic
We model your true debt capacity across DSCR, leverage and interest cover. You learn what the market will fund — and at what price — before we approach a single lender.
Week 2–6 · Lender-Ready Prep (Retainer)
Three-statement forecast, normalised EBITDA bridge, covenant headroom analysis, Information Memorandum and full lender data room — built to the standard that gets you priced like a corporate, not an SME.
Week 4–10 · Competitive Process
Curated long-list of 8–15 lenders across clearing banks, challengers, private credit and ABL. We run a structured process with deadlines — so lenders bid against each other rather than dictating to you.
Week 8–12 · Term Sheet Negotiation
Side-by-side comparison of every offer. We negotiate margin, arrangement fees, covenant levels, equity cure rights, capex baskets and amortisation profile — not just the headline rate.
Week 10–16 · Credit Committee & Drawdown (Success Fee)
Credit committee Q&A, legal documentation, conditions precedent, security and drawdown — managed end-to-end. We sit on your side of the table until the funds hit the account. Success fee crystallises on drawdown.
How we get paid
Our fee model has two parts. Both are explained up front, agreed in writing, and exist for a reason.
Phase One
A fixed monthly retainer covering the 4–6 weeks of preparation work. This is what gets you priced like a corporate when you walk into a credit committee.
What's included
Why a retainer? Lender-ready prep is genuine 4–6 weeks of senior advisory work. Charging it as a retainer keeps fees aligned with effort and protects the quality of what reaches credit committee.
Phase Two
A percentage of the facility raised — payable only when the funds land in your account. If we don't get you funded, we don't get paid the success fee.
What's included
Why a success fee? It aligns us with your outcome. We have a direct financial incentive to push for better margin, more leverage and looser covenants — because our fee scales with the quality of the deal we land for you.
Exact retainer and success fee percentages are scoped after the free 20-minute call and depend on facility size, complexity and timeline. All fees are fixed and agreed in writing before any work begins — no time-and-materials, no hidden charges.
"Equity is the most expensive money you will ever raise. Founders who win in the next decade will be the ones who learn to use debt as a strategic weapon — without handing over the cap table to do it."
Kish Patel ACA
Founder & Debt Advisory Partner, Consult EFC
Frequently asked