Breal Zeta Commercial Finance
A special-situations asset-based lender affiliated to a global credit fund, underwriting turnaround, pre-pack and carve-out facilities that most lenders will not price.
What they do
Breal Zeta lends against receivables, inventory, plant and property in situations the mainstream market avoids: pre-pack administrations, carve-outs, restructurings and businesses trading through a difficult year. Backing from an affiliated credit fund of around £33bn under management gives it the capacity to underwrite and hold facilities most independents would have to syndicate, and its stated range runs from £20m to £200m, with observed deals in the mid-teens and clubbed transactions well above. The team is built for insolvency timetables, and has funded pre-packs including a well-known furniture retailer.
Where they fit in a lower-mid-market raise
This is the lender for the deal with a story. Where an acquisition is out of administration, where a carve-out needs day-one working capital before the accounts exist, or where a business is asset-rich and trading badly, the assets can still support a facility and this firm will underwrite it at speed. Relevant to a £3–15m raise mainly at the top of the band, and to any transaction where certainty on an insolvency deadline matters more than margin.
Where they are not the fit
The effective standalone floor is in the high teens of millions, so most of a £3–15m requirement is below what the firm will write alone and would need to be clubbed. Special-situations pricing sits well above mainstream asset-based lending, which is the trade for speed and for a credit view no one else will take. A clean, bankable business should be elsewhere.
Published terms
- Pricing
- Not published
- Speed to terms
- Not published
- Sponsored or sponsorless
- Both - private equity sponsors, corporates and special-situations/turnaround mandates
- Where they lend
- London HQ (30 King Street EC2), Midlands expansion 2025; multi-jurisdictional/international capability (intl strategy Nov-2024)
- How they decide
- Credit-fund-backed; in-house structuring/credit; regional BD team; delegated authority not published
- Security
- A borrowing base over receivables, inventory and plant
- Covenants
- Springing covenant, tested only when a trigger is hit
As published by the lender and last reviewed June 2026. Terms quoted on a deal are set by the credit, not by a published band.
What rules a deal out
Stated limits, taken from Breal Zeta Commercial Finance’s own published criteria. A limit is where a lender starts from, not where it always ends: several of these move on a strong enough credit.
- High-teens £m effective floor for standalone deals - sub-£15m usually off-piste unless clubbed
- Stated underwrite/hold range £20m-£200m
- No appetite in adult, crypto, gambling or weapons
How they sit against the category
- Its published ceiling of £200m is among the 2 highest of the 40 asset-based lenders here.
- Like 29 of the 40, it publishes no indicative price — a margin comes from a conversation, not a page.
Counted across the 40 asset-based & asset-finance lenders in this directory, on what each one publishes. What a lender discloses and what it will do are different things.
Questions this page answers
How large a facility does Breal Zeta Commercial Finance write?
Published facilities run £20m to £200m. A band is what a lender states it will do, not what it will do on a given credit.
What security does Breal Zeta Commercial Finance take?
On the published terms, a borrowing base over receivables, inventory and plant. What a lender takes on a given facility is set in the documents, not by a published stance.
Does Breal Zeta Commercial Finance lend to companies without a private-equity sponsor?
Yes. Breal Zeta Commercial Finance lends to owner-managed and sponsor-backed borrowers alike, so a company with no private-equity backer is not out of scope on that ground.
Where does Breal Zeta Commercial Finance lend?
London HQ (30 King Street EC2), Midlands expansion 2025; multi-jurisdictional/international capability (intl strategy Nov-2024).
What covenants does Breal Zeta Commercial Finance set?
Springing covenant, tested only when a trigger is hit. A covenant package is negotiated on the facility; the published style is where the negotiation starts.
On the record
2025: led £90m club deal funding line for EVO/evo Business Supplies with club partner Leumi ABL (MBO refinance) (business-money.com.
Sources: bzcf.co.uk · hendersonandjones.com
This profile is a curated reference note drawn from public sources, not financial advice or a recommendation. Appetite and terms change; a lender's fit for a given credit is established by approaching it, not inferred from a page.