4 min read
How to write an IC memo
Lead with the call, make every number earn its place, and write the downside an IC would write for you.
Read the guide →Loading…
The craft behind a strong credit memo, broken into steps. Educational only, not investment advice.
How to write the memo, build the model and structure the deck an IC expects.
4 min read
Lead with the call, make every number earn its place, and write the downside an IC would write for you.
Read the guide →5 min read
Tabs in the order a reviewer expects, clear colour conventions, and the metrics a lender actually decides on.
Read the guide →3 min read
One message per slide, written as a sentence, in the order a committee expects to hear the story.
Read the guide →What a lender underwrites in each corner of private credit. More target jobs and sectors are coming.
3 min read
Senior loans to mid-sized companies, usually sponsor-owned, underwritten on cash flow and protected by covenants.
Read the guide →3 min read
Lending against pools of receivables, loans or equipment: underwrite the collateral, the structure that protects you, and the servicer that collects it.
Read the guide →3 min read
Project finance for long-lived assets: lend against contracted or regulated cash flows and size the debt to coverage.
Read the guide →3 min read
Short-term loans that are repaid by a planned take-out: underwrite the take-out, the timeline, and what happens if it slips.
Read the guide →3 min read
Lending to software and AI companies before they make money: recurring revenue, unit economics, compute costs and runway.
Read the guide →3 min read
Loans secured by property, sized on income and value: underwrite the business plan, the loan while the plan is half done, and the refinance at the end.
Read the guide →3 min read
Loans to private equity funds secured on their portfolios: underwrite the marks, how fast the portfolio turns into cash, and what the money is for.
Read the guide →How grading, templates and the IC grill work.
5 min read
Six dimensions, 100 points, every score backed by a sentence from your memo, and totals calculated in code.
Read the guide →3 min read
Pick a level, download the memo, model or deck, and attach your work as supporting files when you grade.
Read the guide →3 min read
Six follow-up questions aimed at the weakest parts of your memo, each answer rated with a hint toward a stronger one.
Read the guide →