Case library · Pari Passu

Building products distribution · asset-based revolverFoundational

Granite Ridge Supply

A building-products distributor wants a $60M revolver sized on its receivables and inventory. Thin margins and lumber prices that swing, but the borrowing base adjusts as collateral moves. A good first asset-based case.

Asset-based & specialty financeTeaching case~45 min

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Specialty finance · small-ticket equipment loansAdvanced

Keystone Equipment Finance

$300M borrowing-base warehouse to a non-bank equipment lender. Rising delinquencies, excess spread near its trigger, one concentration already over its limit, and no backup servicer.

Asset-based & specialty financeTeaching case~75 min

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Consumer finance (non-prime installment lending)Intermediate

Oportun: refinancing the 15% corporate loan

A real non-prime consumer lender asks to refinance its 15% corporate loan. The lender sits behind about $2.5bn of securitization and warehouse debt and is paid from residual cash flows and servicing fees.

Asset-based & specialty financeFrom SEC filings~210 min

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