Private credit / THE PREPARATION DESK
Make the lending decision defensible.
Prepare for direct-lending interviews and underwriting cases. Follow the borrower from earnings to cash repayment, then examine what remains in the downside.
ORIGINAL PRACTICE CASE / ALDER MAINTENANCE
Coverage looks healthy. Is there cash left?
| Underwritten EBITDA | $21m |
|---|---|
| Taxes, capex & working capital | $9m |
| Cash interest | $8m |
| Scheduled principal | $4m |
| Cash after obligations | $0m |
EBITDA covers cash interest 2.63×, but the listed cash uses absorb the entire balance. Interest coverage alone does not answer the lending question.
Fictional teaching example. Simplified assumptions; not a company result or investment recommendation.Prepare the work.
Then explain your judgment.
For candidates with a financial-statement foundation who want to practice corporate cash-flow lending. These resources do not cover every private-debt strategy or jurisdiction.
Understand the borrower
Explain revenue durability, cost behavior, concentration and the evidence behind earnings adjustments.
Trace repayment
Build cash, debt and liquidity schedules. Separate interest coverage, scheduled payments and the maturity funding plan.
Defend the structure
Connect downside, covenant definitions and recovery assumptions to an approval, a revised amount or a decline.
Your practice library.
Each lesson addresses a particular task. Use the worked numbers, explain the assumptions and decide what you would do next.
Private Credit Cash-Flow Model: EBITDA to Repayment
Build a lender's cash bridge and identify why acceptable interest coverage can still leave a borrower short of cash.
Covenant Headroom: Private Credit Worked Example
Calculate leverage headroom, distinguish ratio cushion from EBITDA decline capacity and separate compliance from liquidity.
EBITDA Adjustments in Private Credit Interviews
Reconcile reported, management-adjusted and underwritten EBITDA with evidence, cash consequences and a worked leverage example.
Private Credit Investment Memo: Structure and Example
Write a concise lending recommendation that connects business quality, cash repayment, downside, structure and unresolved diligence.
Private Credit Recovery Analysis: A Simple Waterfall
Practice a principal recovery waterfall, value sensitivity and the questions that keep a first-lien label from becoming a false guarantee.
The underwriting test
The broader case workflow: model, diligence and lending recommendation.
Interview questions
Prepare the oral discussion that sits around your model.
THE SPECIALIST WORKBOOK / EDITION 1.0
Private Credit Underwriting Workbook
23-page workbook with earnings reconciliation, debt schedules, liquidity stress, covenant headroom, recovery and two capstone cases with solutions.
Original fictional cases, full numerical solutions and printable worksheets. PDF only; use your own spreadsheet for the modeling exercises. Personalized review is separate.
Private Credit Underwriting Workbook
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Build the argument behind your application.
Use evidence you can defend. A practice case can demonstrate your reasoning when clearly labeled; it should never be presented as employment experience.