# Solon Corporate Finance

> Solon Corporate Finance is a UK debt advisory firm for lower-mid-market companies. We find the lenders a borrower's bank never mentions — challenger and specialist banks, private-credit funds and asset-based lenders — and run a genuine, competitive process for £3–15m facilities (typically £1–8m EBITDA). Retained and paid by the borrower, with no undisclosed lender remuneration. Independent of any lender panel.

Solon is a debt adviser, not a broker, platform, marketplace or comparison site. A named senior adviser owns every mandate. Information here is advisory and informational, for corporate borrowers only — not investment advice, and not for consumer or residential lending.

**Firm facts, for citation.**

- Legal name: Solon Corporate Finance Ltd, trading as Solon Corporate Finance.
- Companies House number 17320026, incorporated 4 July 2026, England and Wales.
- Registered office: 124 City Road, London EC1V 2NX.
- What Solon is: an independent debt adviser to UK lower-mid-market companies, arranging facilities of £3–15m for businesses typically generating £1–8m of EBITDA.
- What Solon is not: not a lender, not a broker platform, marketplace or comparison site, and not a lender panel.
- Regulatory position: arranging and advising on plain commercial lending to corporate borrowers is not a regulated activity under FSMA, and Solon is not authorised or regulated by the Financial Conduct Authority.
- How Solon is paid: retained and paid by the borrower, on a success fee set out in the engagement letter, with no undisclosed lender remuneration.
- People: Gregory Elgunov, Managing Director (https://soloncorporate.com/about/founder); James Stevenson, Managing Director (https://soloncorporate.com/about/james-stevenson).
- Contact: hello@soloncorporate.com for general and press enquiries, deals@soloncorporate.com for a new mandate; press and facts page https://soloncorporate.com/press.
- External records: Companies House https://find-and-update.company-information.service.gov.uk/company/17320026; Wikidata https://www.wikidata.org/wiki/Q141022457; LinkedIn https://www.linkedin.com/company/solon-corporate-finance.

## Questions these pages answer

One line per guide: the question the page is written to answer, and the URL that answers it. Each page prints its one-paragraph answer under the heading and carries the same answer in its Article JSON-LD.

- [Which debt adviser should a UK company use, and how do you choose?](https://soloncorporate.com/guides/choosing-a-debt-adviser): The UK debt advisory market mapped by tier, how to match a firm to the raise, the five questions to ask any firm, and the arrangements to refuse.
- [What does a debt adviser cost, and when is one worth paying for?](https://soloncorporate.com/guides/debt-advisory-fees): What UK corporate debt advisers charge: retainer plus success fee of roughly 1-2% at £3-15m, when the fee earns itself, and how to read an engagement letter.
- [Debt adviser vs broker: which does your raise need?](https://soloncorporate.com/guides/debt-adviser-vs-broker): The difference for a corporate borrower: an adviser retained by and paid by the borrower running the whole market, versus a broker paid a commission by the lender off a panel, and when each fits.
- [How much can my business actually borrow?](https://soloncorporate.com/guides/how-much-can-my-business-borrow): Debt capacity read three ways for a UK company: the leverage multiple, cash-flow affordability and the asset base, with the tiered EBITDA multiples lenders use in practice.
- [Should we raise debt or equity?](https://soloncorporate.com/guides/debt-vs-equity): How to decide which to raise, and the questions that settle it.
- [What does it really cost to raise debt, all in?](https://soloncorporate.com/guides/all-in-cost-of-debt): What a UK company really pays: margin, arrangement and commitment fees, OID and the rest, assembled honestly.
- [How long does a debt raise take, start to finish?](https://soloncorporate.com/guides/how-long-does-a-debt-raise-take): The 12-16 week UK timeline for a debt raise, week by week, and what shortens or lengthens it.
- [How do I refinance business debt in the UK?](https://soloncorporate.com/guides/how-to-refinance-business-debt): The process of refinancing a £3-15m corporate facility: the triggers, the 12-18 month runway, and the steps from assessing the existing debt to running the market and closing.
- [How early should a company start refinancing before its facility matures, and how long does the process take?](https://soloncorporate.com/guides/refinancing-timeline): The 12-18 month runway rule, the week-by-week mandate-to-money shape, and refinancing versus an extend-and-amend.
- [My CBILS or Recovery Loan Scheme facility is maturing. What are my options?](https://soloncorporate.com/guides/refinancing-cbils-rls-loans): What happens as Covid-era scheme debt matures, how the guarantees and terms carry over, and how to refinance CBILS, RLS, BBLS and GGS facilities.
- [What is the UK refinancing wall, and how many companies does it affect between 2026 and 2028?](https://soloncorporate.com/guides/uk-refinancing-wall-2026-2028): The standing reference counted from the Companies House charge register: more than 14,500 UK lower-mid-market companies inside an estimated refinancing window, the vintage story and the holder concentration, with as-at dates.
- [RCF vs term loan: which does my business need?](https://soloncorporate.com/guides/rcf-vs-term-loan): How a revolving credit facility and a term loan differ, the cost of carry against commitment fees, and how to split a £3-15m package between the two.
- [Unitranche vs bank senior debt: which is right for my company?](https://soloncorporate.com/guides/unitranche-vs-bank-senior): The trade-off between the single-tranche structure and cheaper bank senior debt, on leverage, pricing, covenants and speed, and when each fits.
- [What is asset-based lending and when is it the right answer?](https://soloncorporate.com/guides/asset-based-lending): How ABL works for a borrower: the borrowing base and advance rates, the all-in cost read, and when lending against assets is the right answer and when it is not.
- [Cash-flow lending vs asset-based lending: which fits my business?](https://soloncorporate.com/guides/cash-flow-vs-asset-based-lending): How cash-flow lending and asset-based lending differ for a UK borrower: sizing off an EBITDA multiple versus a borrowing base, the all-in cost read, the covenant differences, and when a blend of the two beats either.
- [Mezzanine vs preferred equity: which is right for my company?](https://soloncorporate.com/guides/mezzanine-vs-preferred-equity): The junior-capital choice for a UK company: how each is priced and structured, the control and dilution trade-offs, and which fits the gap.
- [How do you finance a business acquisition with debt?](https://soloncorporate.com/guides/acquisition-debt-finance): How to fund a business purchase with debt: the structures, how much leverage a target supports, and how the debt is sized and secured.
- [How do we finance a management buyout?](https://soloncorporate.com/guides/financing-a-management-buyout): Funding a UK lower-mid-market MBO: the four sources that bridge the price, the equity gap, and how to size senior or unitranche debt.
- [Can you refinance to take cash out of your business?](https://soloncorporate.com/guides/dividend-recap-refinancing): Refinancing to take cash out of a UK private company: how a dividend recap is structured, the distributable-profits mechanics, and when it is prudent.
- [How do you negotiate a debt term sheet?](https://soloncorporate.com/guides/debt-term-sheet-negotiation): Which terms move in a debt term sheet and when to push: pricing, covenants, security, guarantees and the definitions that decide headroom.
- [What is a loan covenant, and what does it test?](https://soloncorporate.com/guides/loan-covenants-explained): What loan covenants are and why lenders use them: leverage, interest cover and DSCR, how covenant headroom is set, maintenance versus incurrence, and springing covenants in fund structures.
- [What happens when a company breaches a loan covenant, and what should the borrower do first?](https://soloncorporate.com/guides/covenant-breach): What follows a breach or a forecast breach, and the borrower's options in order.
- [What is a personal guarantee on a business loan, and how do you negotiate one?](https://soloncorporate.com/guides/personal-guarantees): What to know before you sign: caps, time limits and what is negotiable.
- [What does the debenture or charge on my Companies House file mean, and what does it mean for my next facility?](https://soloncorporate.com/guides/debentures-and-charges-explained): What the charge entry on your Companies House file means: fixed and floating charges, what a debenture secures, and how charges are satisfied.
- [What do lenders look for in company accounts?](https://soloncorporate.com/guides/what-lenders-look-for-in-your-accounts): The credit officer's read of your accounts: EBITDA quality, cash conversion, leverage and debt-service cover, and the path from accounts to an approved facility.
- [My bank declined the loan. What do I do next?](https://soloncorporate.com/guides/bank-declined-my-business-loan): What to do when the bank declines a mid-market facility: why banks say no, the referral scheme, and the real routes through challenger banks, private credit and asset-based lenders.
- [Bank vs private credit for your business: which fits a £3-15m raise?](https://soloncorporate.com/guides/bank-vs-private-credit-for-your-business): The £3-15m borrower's choice between a bank and a private-credit fund: cost, leverage, speed, covenants and when each category fits.
- [How much does private credit cost a UK borrower?](https://soloncorporate.com/guides/cost-of-private-credit-uk): What a £3-15m borrower pays a private-credit fund: the coupon and fee stack in ranges, the all-in versus a bank, and what drives the price up or down.
- [Private credit fees explained: what am I really paying in a debt-fund term sheet?](https://soloncorporate.com/guides/private-credit-fees-explained): The fees in a private-credit term sheet decoded: OID, arrangement fee, PIK, exit fees and warrants, and how they lift the true yield above the coupon.
- [What is a cash sweep, and how much of my cash gets swept?](https://soloncorporate.com/guides/cash-sweep-explained): What a cash sweep is: mandatory prepayment of a share of excess cash flow, the sweep percentages that step down with leverage, and what to negotiate.
- [Does my loan require interest rate hedging?](https://soloncorporate.com/guides/does-my-loan-require-interest-rate-hedging): Why a floating-rate term loan carries a hedging requirement, swap versus cap, over-hedging and break costs, and what is negotiable.
- [Asset finance vs term loan: which should fund your equipment?](https://soloncorporate.com/guides/asset-finance-vs-term-loan): Equipment and plant asset finance (hire purchase, finance and operating lease) versus a term loan: ownership, cash-flow shape, the accounting and tax read, and security.
- [Sale and leaseback: how does it work for a UK business?](https://soloncorporate.com/guides/sale-and-leaseback-explained): Sale and leaseback as a capital-release decision for a trading business: how much it frees versus a mortgage, the rent trade-off, IFRS 16, and when it fits.
- [How do we finance a management buy-in (MBI)?](https://soloncorporate.com/guides/financing-a-management-buy-in): How to fund a UK management buy-in: why an external team changes the lender risk view, the funding stack, and how much leverage an MBI supports.
- [What is a vendor loan note, and how does a lender treat one in a UK buyout?](https://soloncorporate.com/guides/vendor-loan-notes): Vendor loan notes in a UK buyout: why sellers leave part of the price in, the subordination a senior lender requires, the terms to negotiate, and earn-outs compared.
- [How much of their own money does a management team need to put into a buyout or buy-in?](https://soloncorporate.com/guides/how-much-equity-for-a-management-buyout): How much a management team puts into a UK buyout or buy-in: the equity gap after prudent debt and vendor paper, what lenders look for in the cheque, and where the money comes from.
- [How do you finance buying out a shareholder or business partner?](https://soloncorporate.com/guides/shareholder-and-partner-buyout-financing): Funding the exit of a departing or passive shareholder as an ownership-shift deal: the structures, how much the business can support, and versus an MBO.
- [How do you finance a manufacturing business?](https://soloncorporate.com/guides/financing-a-manufacturing-business): How a UK lower-mid-market manufacturer structures a raise: the blend of term debt, asset-based lending and asset finance, and what lenders scrutinise.
- [What is a sustainability-linked loan, and what is the discount worth?](https://soloncorporate.com/guides/sustainability-linked-loans-uk): What a green loan and a sustainability-linked loan are, what an ESG margin ratchet is worth on a £3-15m facility (roughly 2.5-15 basis points), what the mandatory verification costs to carry, and when the label earns its place.
- [What do lenders ask about ESG, and what happens if I cannot answer?](https://soloncorporate.com/guides/esg-in-lender-diligence): Why a company below every UK sustainability reporting threshold still gets an ESG questionnaire in credit diligence: where the obligation comes from, which regimes bite at what size, what the pack contains, and what a missing answer does to a process.

## Core

- [How we work](https://soloncorporate.com/how-we-work): The five-step process — we come to you, prepare the credit, run the whole market, structure and negotiate, you choose.
- [Services](https://soloncorporate.com/services): The debt financings Solon advises on: acquisition and buyout financing, growth and capex, refinancing and repricing, recapitalisations and special situations, arranged across senior, unitranche, club and syndicated, private debt, asset-based and junior structures.
- [About](https://soloncorporate.com/about): The firm, the seisachtheia behind the name, the values, and the people.
- [For lenders & sponsors](https://soloncorporate.com/for-lenders): Solon as a source of properly prepared lower-mid-market credits.
- [For accountants & advisers](https://soloncorporate.com/for-advisers): How an accountant or adviser introduces a client to Solon, and what happens to the client and the relationship afterwards.
- [Contact](https://soloncorporate.com/contact): A confidential note reaches a Managing Director directly; a reply within one business day.
- [Press & facts](https://soloncorporate.com/press): The canonical fact page: copy-ready boilerplate, company facts (legal name, Companies House no. 17320026, registered office), the citable refinancing-wall figures with as-at dates and a suggested citation, logo files and the media contact.

## Calculators

- [The financing clock](https://soloncorporate.com/instruments/financing-clock): Enter a facility maturity, any notice period, the shape of the process and your board dates. The clock works back through a standard lender process to the last date an engagement can be signed and still complete safely, dates every stage from a planned signature, and shows which board meeting carries which decision. Calculated in the browser from your own dates; the bands are planning defaults, not a promise.
- [The refinancing read](https://soloncorporate.com/instruments/refinancing-read): Name a UK company and read its refinancing position from the public register: every outstanding charge classified, an estimated window on each, and where that window sits on the 2026 to 2028 wall. Emailed on request.
- [Business debt capacity and repayment calculator](https://soloncorporate.com/instruments/debt-capacity): Calculate monthly repayments, debt-service coverage, indicative cash-flow debt capacity and interest-rate sensitivity using your own assumptions. Calculations run in the browser; the page explains the method and its limits. This is an illustrative calculation, not a financing offer or assessment of lender appetite.

## The lender map

- [Lenders — a reference map of the UK market](https://soloncorporate.com/lenders): The UK lower-mid-market lender universe, mapped. Informational; no ratings, no rankings, no panel.
- [Clearing & relationship banks](https://soloncorporate.com/lenders/type/clearing-bank): The deposit-funded high-street banks that lend alongside the day-to-day banking relationship, with the keenest pricing in the market for cleanly bankable senior debt.
- [Asset-based & asset-finance lenders](https://soloncorporate.com/lenders/type/asset-based-lender): Lenders that advance against receivables, inventory, plant and property rather than purely against cashflow, across asset-based lending, invoice finance and asset finance desks.
- [Challenger & specialist banks](https://soloncorporate.com/lenders/type/challenger-specialist-bank): Deposit-funded banks that underwrite a company on its own facts rather than a centralised credit score, at broadly bank pricing and security, including sector, Sharia-compliant and overseas-owned specialists.
- [Platform & marketplace lenders](https://soloncorporate.com/lenders/type/marketplace-lender): Technology-led lenders funding term and revenue-based facilities from platform, institutional or retail capital, decided off data rather than a relationship.
- [Regional & government-anchored funds](https://soloncorporate.com/lenders/type/government-backed-fund): Nation, region and development-bank capital lending into places and situations the commercial market underserves.
- [Private-credit & direct-lending funds](https://soloncorporate.com/lenders/type/private-credit-fund): Funds lending institutional capital rather than deposits, able to hold more leverage and underwrite on cashflow, priced above bank terms; unitranche, mezzanine and growth or venture debt.
- [Property-backed lenders](https://soloncorporate.com/lenders/type/property-backed-lender): Bridging, development and commercial mortgage lenders sized on the real estate and the exit rather than on trading cashflow.

227 individual lender profiles are published under https://soloncorporate.com/lenders/<slug>, one page per lender across the seven categories above, each classified by the desk inside its category. The full index of every published profile sits at https://soloncorporate.com/lenders#index.

## Lender questions

- [Which UK lenders? Questions the lender map answers](https://soloncorporate.com/lenders/which): Each page answers one borrower question about the UK lending market in a paragraph, then lists the lenders alphabetically from Solon's directory. The lists are drawn from what each lender publishes; none is a ranking or a recommendation.
- [Which UK lenders fund management buyouts?](https://soloncorporate.com/lenders/which/fund-management-buyouts): The lenders in Solon's UK directory that fund management buyouts, listed alphabetically by type with each lender's published facility range.
- [Which UK lenders fund dividend recapitalisations?](https://soloncorporate.com/lenders/which/fund-dividend-recaps): The lenders in Solon's UK directory that list dividend recapitalisations among the deals they fund, alphabetically with published facility ranges.
- [Which UK lenders lend to companies without a private-equity sponsor?](https://soloncorporate.com/lenders/which/lend-without-a-private-equity-sponsor): The UK lenders in Solon's directory that lend to owner-managed companies with no private-equity backer, grouped by type with published facility ranges.
- [Which UK lenders lend against receivables and inventory?](https://soloncorporate.com/lenders/which/lend-against-receivables-and-inventory): UK asset-based lenders and banks that lend against a borrowing base of receivables and inventory, alphabetically, with published facility ranges.
- [Which lenders offer unitranche to UK companies?](https://soloncorporate.com/lenders/which/offer-unitranche): The private-credit funds and banks in Solon's UK directory that offer unitranche, with published facility ranges and minimum EBITDA where stated.
- [Which UK lenders lend to pre-profit or recurring-revenue businesses?](https://soloncorporate.com/lenders/which/lend-to-pre-profit-and-recurring-revenue-businesses): UK growth and venture debt funds, banks and revenue-based lenders that lend on revenue or growth rather than EBITDA, alphabetically from Solon's directory.
- [Which UK lenders provide development exit finance?](https://soloncorporate.com/lenders/which/provide-development-exit-finance): The UK property lenders in Solon's directory that offer development exit finance on completed schemes, alphabetically with published facility ranges.
- [Which UK lenders offer invoice finance?](https://soloncorporate.com/lenders/which/offer-invoice-finance): The invoice finance providers in Solon's UK directory, from banks to independent specialists, alphabetically with published facility ranges.
- [Which UK lenders offer asset finance?](https://soloncorporate.com/lenders/which/offer-asset-finance): The asset finance lenders in Solon's UK directory offering hire purchase, leasing and asset refinance, alphabetically with published facility ranges.
- [Which UK lenders do not typically require a personal guarantee?](https://soloncorporate.com/lenders/which/dont-require-a-personal-guarantee): The UK lenders that state on their own sites that they do not take personal guarantees, with each lender's own qualification, from Solon's directory.
- [What minimum EBITDA do UK lenders look for?](https://soloncorporate.com/lenders/which/publish-a-minimum-ebitda): The minimum EBITDA each UK lender publishes, lender by lender, from Solon's directory of lenders to lower-mid-market companies.
- [Which UK lenders finance care homes?](https://soloncorporate.com/lenders/which/finance-care-homes): The UK lenders in Solon's directory that name care homes or the care sector in their published lending criteria, from banks to property lenders.
- [Which UK lenders finance manufacturing businesses?](https://soloncorporate.com/lenders/which/finance-manufacturing-businesses): The UK lenders in Solon's directory that name manufacturing or engineering in their published lending criteria, grouped by type with published facility ranges.
- [Which lenders fund businesses and property in Northern Ireland?](https://soloncorporate.com/lenders/which/lend-in-northern-ireland): The lenders in Solon's UK directory that state they lend in Northern Ireland, from the four local business banks to asset-based and property lenders.

## Debt pricing

Solon's own reading of what UK companies pay for debt, computed from Companies House filed accounts. As at 2026-09-06. These figures are counted from filed accounts, not surveyed. They are floors on a prioritised sample of UK companies that carry a registered charge, not a census of UK business borrowing. Inclusion depends on the availability and comparability of financial disclosures. Small and micro-entity companies and the largest groups are under-represented.

- [What UK companies actually pay for their debt](https://soloncorporate.com/debt-pricing): The realised cost of debt for UK companies carrying a registered charge: median 7.68%, middle half 5.54% to 10.83%, tenth to ninetieth percentile 3.31% to 15.36%, from 631 companies' own filed accounts as at 2026-09-06. The Bank of England publishes one mean for new SME lending (6.16% at 2026-04) and no dispersion; this is the distribution, cut by incumbent lender, sector, size and region.
- [Disclosed margins in UK borrowings notes](https://soloncorporate.com/debt-pricing#disclosed-margins): Median margin of 2.65% over a named reference rate, middle half 2.06% to 3.5%, from 1,203 statements in the notes to filed accounts across 1,798 companies. At a Bank Rate of 3.75% that implies an all-in rate of about 6.40%, against the Bank of England's 6.16% for new SME lending: two independent readings of different evidence agreeing to within a fifth of a point.
- [What the dispersion is worth](https://soloncorporate.com/debt-pricing#what-the-gap-is-worth): The gap between the lower and upper quartile is 5.29 percentage points, which is £264,500 of interest a year on a £5m facility and £1,322,500 over a five-year term.
- [Debt pricing benchmark: method and limits](https://soloncorporate.com/debt-pricing/methodology): How both series are built from Companies House filed accounts, every publication gate with the count it removed, the coverage funnel from 41,250 companies read down to observations published, and what the figures cannot be used for.
- [Request the benchmark dataset](https://soloncorporate.com/contact?topic=dataset-request&from=debt-pricing): Leave your email and intended use; Solon will review your request and respond.

## The refinancing wall

- [The UK refinancing wall, 2026–2028](https://soloncorporate.com/guides/uk-refinancing-wall-2026-2028): The standing reference, counted from the Companies House charge register: more than 14,500 UK lower-mid-market companies inside an estimated refinancing window (14,675 at 7 July 2026, of 26,383 dated windows in an 83,957-company sample), the 2020–2024 vintage story, and the five banking groups holding 52.5% of the in-window paper. Key figures published as plain tables with as-at dates.
- [More than 14,500 companies are in the window](https://soloncorporate.com/insights/the-refi-wall-counted): The flagship analysis behind the reference page, with charts — the plateau shape of the wall, the vintages and the holder concentration.
- [The UK refinancing wall, counted — report PDF](https://soloncorporate.com/example-work/uk-refi-wall-report-jul-2026.pdf): The six-page typeset report: charted aggregates and method, drawn from the Companies House charge register.
- [The refinancing wall, by area](https://soloncorporate.com/refi-wall): The national count cut to 10 postcode areas across the industrial heartland, each with its own in-window count, sector mix, incumbent banking groups and peak quarter. Areas do not peak together: the national peak is Q2 2027, but Derby, Stoke-on-Trent and Bradford peak in Q4 2026.
- [The refinancing wall in Birmingham](https://soloncorporate.com/refi-wall/birmingham): 529 companies in the B postcode area (West Midlands) inside an estimated 2026-2028 refinancing window at 7 July 2026, of 901 carrying a dated facility signal; peaks Q2 2027 with 610 windows open; largest incumbent HSBC Group.
- [The refinancing wall in Manchester](https://soloncorporate.com/refi-wall/manchester): 380 companies in the M postcode area (Greater Manchester) inside an estimated 2026-2028 refinancing window at 7 July 2026, of 696 carrying a dated facility signal; peaks Q2 2027 with 489 windows open; largest incumbent HSBC Group.
- [The refinancing wall in Sheffield](https://soloncorporate.com/refi-wall/sheffield): 276 companies in the S postcode area (South Yorkshire) inside an estimated 2026-2028 refinancing window at 7 July 2026, of 543 carrying a dated facility signal; peaks Q2 2027 with 356 windows open; largest incumbent HSBC Group.
- [The refinancing wall in Leeds](https://soloncorporate.com/refi-wall/leeds): 272 companies in the LS postcode area (West Yorkshire) inside an estimated 2026-2028 refinancing window at 7 July 2026, of 486 carrying a dated facility signal; peaks Q2 2027 with 318 windows open; largest incumbent HSBC Group.
- [The refinancing wall in Nottingham](https://soloncorporate.com/refi-wall/nottingham): 228 companies in the NG postcode area (Nottinghamshire) inside an estimated 2026-2028 refinancing window at 7 July 2026, of 423 carrying a dated facility signal; peaks Q1 2027 with 275 windows open; largest incumbent HSBC Group.
- [The refinancing wall in Derby](https://soloncorporate.com/refi-wall/derby): 174 companies in the DE postcode area (Derbyshire) inside an estimated 2026-2028 refinancing window at 7 July 2026, of 309 carrying a dated facility signal; peaks Q4 2026 with 203 windows open; largest incumbent NatWest Group.
- [The refinancing wall in Stoke-on-Trent](https://soloncorporate.com/refi-wall/stoke-on-trent): 164 companies in the ST postcode area (Staffordshire) inside an estimated 2026-2028 refinancing window at 7 July 2026, of 279 carrying a dated facility signal; peaks Q4 2026 with 185 windows open; largest incumbent HSBC Group.
- [The refinancing wall in Liverpool](https://soloncorporate.com/refi-wall/liverpool): 159 companies in the L postcode area (Merseyside) inside an estimated 2026-2028 refinancing window at 7 July 2026, of 296 carrying a dated facility signal; peaks Q1 2027 with 198 windows open; largest incumbent HSBC Group.
- [The refinancing wall in Bradford](https://soloncorporate.com/refi-wall/bradford): 121 companies in the BD postcode area (West Yorkshire) inside an estimated 2026-2028 refinancing window at 7 July 2026, of 211 carrying a dated facility signal; peaks Q4 2026 with 141 windows open; largest incumbent NatWest Group.
- [The refinancing wall in Shrewsbury](https://soloncorporate.com/refi-wall/shrewsbury): 109 companies in the SY postcode area (Shropshire) inside an estimated 2026-2028 refinancing window at 7 July 2026, of 178 carrying a dated facility signal; peaks Q2 2027 with 122 windows open; largest incumbent Barclays.

## Example work

- [Example work](https://soloncorporate.com/example-work): The published work product — the refinancing-wall report, plus a specimen information memorandum, lender deck, one-pager, credit memorandum and debt-model outputs on a fictional borrower (Northstar Components, a £10.5m refinancing). All PDFs ungated.
- [What an information memorandum looks like](https://soloncorporate.com/example-work/information-memorandum): What an information memorandum is, what goes in it and what a lender reads it for, with a 13-page specimen IM to download.
- [What a lender deck looks like](https://soloncorporate.com/example-work/lender-deck): The same credit told in slides — how the deck works in the room and at committee, with a 31-slide specimen.
- [What a credit memorandum looks like](https://soloncorporate.com/example-work/credit-memorandum): The credit case in the lender's own format — with a two-page specimen memo and the one-page lender summary.
- [The debt model lenders expect to see](https://soloncorporate.com/example-work/debt-model): What the model behind a lender pack has to show, with three pages of specimen outputs — debt schedule, covenant tests, liquidity walk, scenario grid.

## Guides

- [Guides](https://soloncorporate.com/guides): Plain, answer-first definitions of how corporate debt finance works — what an adviser does and costs, how a process runs, who lends now, and how structures, covenants and pricing work.
- [Choosing a debt adviser](https://soloncorporate.com/guides/choosing-a-debt-adviser): The UK debt advisory market mapped by tier, how to match a firm to the raise, the five questions to ask any firm, and the arrangements to refuse.
- [Corporate debt advisory fees](https://soloncorporate.com/guides/debt-advisory-fees): What UK corporate debt advisers charge: retainer plus success fee of roughly 1-2% at £3-15m, when the fee earns itself, and how to read an engagement letter.
- [Debt adviser vs broker](https://soloncorporate.com/guides/debt-adviser-vs-broker): The difference for a corporate borrower: an adviser retained by and paid by the borrower running the whole market, versus a broker paid a commission by the lender off a panel, and when each fits.
- [How much can my business borrow](https://soloncorporate.com/guides/how-much-can-my-business-borrow): Debt capacity read three ways for a UK company: the leverage multiple, cash-flow affordability and the asset base, with the tiered EBITDA multiples lenders use in practice.
- [Debt or equity](https://soloncorporate.com/guides/debt-vs-equity): How to decide which to raise, and the questions that settle it.
- [The all-in cost of raising debt](https://soloncorporate.com/guides/all-in-cost-of-debt): What a UK company really pays: margin, arrangement and commitment fees, OID and the rest, assembled honestly.
- [How long does a debt raise take](https://soloncorporate.com/guides/how-long-does-a-debt-raise-take): The 12-16 week UK timeline for a debt raise, week by week, and what shortens or lengthens it.
- [How to refinance business debt](https://soloncorporate.com/guides/how-to-refinance-business-debt): The process of refinancing a £3-15m corporate facility: the triggers, the 12-18 month runway, and the steps from assessing the existing debt to running the market and closing.
- [When to start a refinancing, and how long it takes](https://soloncorporate.com/guides/refinancing-timeline): The 12-18 month runway rule, the week-by-week mandate-to-money shape, and refinancing versus an extend-and-amend.
- [Refinancing CBILS and RLS loans](https://soloncorporate.com/guides/refinancing-cbils-rls-loans): What happens as Covid-era scheme debt matures, how the guarantees and terms carry over, and how to refinance CBILS, RLS, BBLS and GGS facilities.
- [The UK refinancing wall, 2026-2028](https://soloncorporate.com/guides/uk-refinancing-wall-2026-2028): The standing reference counted from the Companies House charge register: more than 14,500 UK lower-mid-market companies inside an estimated refinancing window, the vintage story and the holder concentration, with as-at dates.
- [RCF vs term loan](https://soloncorporate.com/guides/rcf-vs-term-loan): How a revolving credit facility and a term loan differ, the cost of carry against commitment fees, and how to split a £3-15m package between the two.
- [Unitranche vs bank senior debt](https://soloncorporate.com/guides/unitranche-vs-bank-senior): The trade-off between the single-tranche structure and cheaper bank senior debt, on leverage, pricing, covenants and speed, and when each fits.
- [Asset-based lending](https://soloncorporate.com/guides/asset-based-lending): How ABL works for a borrower: the borrowing base and advance rates, the all-in cost read, and when lending against assets is the right answer and when it is not.
- [Cash-flow vs asset-based lending](https://soloncorporate.com/guides/cash-flow-vs-asset-based-lending): How cash-flow lending and asset-based lending differ for a UK borrower: sizing off an EBITDA multiple versus a borrowing base, the all-in cost read, the covenant differences, and when a blend of the two beats either.
- [Mezzanine vs preferred equity](https://soloncorporate.com/guides/mezzanine-vs-preferred-equity): The junior-capital choice for a UK company: how each is priced and structured, the control and dilution trade-offs, and which fits the gap.
- [Acquisition debt finance](https://soloncorporate.com/guides/acquisition-debt-finance): How to fund a business purchase with debt: the structures, how much leverage a target supports, and how the debt is sized and secured.
- [Financing a management buyout](https://soloncorporate.com/guides/financing-a-management-buyout): Funding a UK lower-mid-market MBO: the four sources that bridge the price, the equity gap, and how to size senior or unitranche debt.
- [Dividend recapitalisation](https://soloncorporate.com/guides/dividend-recap-refinancing): Refinancing to take cash out of a UK private company: how a dividend recap is structured, the distributable-profits mechanics, and when it is prudent.
- [Debt term sheet negotiation](https://soloncorporate.com/guides/debt-term-sheet-negotiation): Which terms move in a debt term sheet and when to push: pricing, covenants, security, guarantees and the definitions that decide headroom.
- [Loan covenants explained](https://soloncorporate.com/guides/loan-covenants-explained): What loan covenants are and why lenders use them: leverage, interest cover and DSCR, how covenant headroom is set, maintenance versus incurrence, and springing covenants in fund structures.
- [Covenant breach](https://soloncorporate.com/guides/covenant-breach): What follows a breach or a forecast breach, and the borrower's options in order.
- [Personal guarantees on business borrowing](https://soloncorporate.com/guides/personal-guarantees): What to know before you sign: caps, time limits and what is negotiable.
- [Debentures and charges explained](https://soloncorporate.com/guides/debentures-and-charges-explained): What the charge entry on your Companies House file means: fixed and floating charges, what a debenture secures, and how charges are satisfied.
- [What lenders look for in your accounts](https://soloncorporate.com/guides/what-lenders-look-for-in-your-accounts): The credit officer's read of your accounts: EBITDA quality, cash conversion, leverage and debt-service cover, and the path from accounts to an approved facility.
- [The bank declined my loan: what next](https://soloncorporate.com/guides/bank-declined-my-business-loan): What to do when the bank declines a mid-market facility: why banks say no, the referral scheme, and the real routes through challenger banks, private credit and asset-based lenders.
- [Bank vs private credit](https://soloncorporate.com/guides/bank-vs-private-credit-for-your-business): The £3-15m borrower's choice between a bank and a private-credit fund: cost, leverage, speed, covenants and when each category fits.
- [The cost of private credit](https://soloncorporate.com/guides/cost-of-private-credit-uk): What a £3-15m borrower pays a private-credit fund: the coupon and fee stack in ranges, the all-in versus a bank, and what drives the price up or down.
- [Private credit fees explained](https://soloncorporate.com/guides/private-credit-fees-explained): The fees in a private-credit term sheet decoded: OID, arrangement fee, PIK, exit fees and warrants, and how they lift the true yield above the coupon.
- [Cash sweeps explained](https://soloncorporate.com/guides/cash-sweep-explained): What a cash sweep is: mandatory prepayment of a share of excess cash flow, the sweep percentages that step down with leverage, and what to negotiate.
- [Does my loan require interest-rate hedging](https://soloncorporate.com/guides/does-my-loan-require-interest-rate-hedging): Why a floating-rate term loan carries a hedging requirement, swap versus cap, over-hedging and break costs, and what is negotiable.
- [Asset finance vs term loan](https://soloncorporate.com/guides/asset-finance-vs-term-loan): Equipment and plant asset finance (hire purchase, finance and operating lease) versus a term loan: ownership, cash-flow shape, the accounting and tax read, and security.
- [Sale and leaseback explained](https://soloncorporate.com/guides/sale-and-leaseback-explained): Sale and leaseback as a capital-release decision for a trading business: how much it frees versus a mortgage, the rent trade-off, IFRS 16, and when it fits.
- [Financing a management buy-in](https://soloncorporate.com/guides/financing-a-management-buy-in): How to fund a UK management buy-in: why an external team changes the lender risk view, the funding stack, and how much leverage an MBI supports.
- [Vendor loan notes](https://soloncorporate.com/guides/vendor-loan-notes): Vendor loan notes in a UK buyout: why sellers leave part of the price in, the subordination a senior lender requires, the terms to negotiate, and earn-outs compared.
- [How much equity a management buyout needs](https://soloncorporate.com/guides/how-much-equity-for-a-management-buyout): How much a management team puts into a UK buyout or buy-in: the equity gap after prudent debt and vendor paper, what lenders look for in the cheque, and where the money comes from.
- [Shareholder and partner buyout financing](https://soloncorporate.com/guides/shareholder-and-partner-buyout-financing): Funding the exit of a departing or passive shareholder as an ownership-shift deal: the structures, how much the business can support, and versus an MBO.
- [Financing a manufacturing business](https://soloncorporate.com/guides/financing-a-manufacturing-business): How a UK lower-mid-market manufacturer structures a raise: the blend of term debt, asset-based lending and asset finance, and what lenders scrutinise.
- [Sustainability-linked and green loans](https://soloncorporate.com/guides/sustainability-linked-loans-uk): What a green loan and a sustainability-linked loan are, what an ESG margin ratchet is worth on a £3-15m facility (roughly 2.5-15 basis points), what the mandatory verification costs to carry, and when the label earns its place.
- [ESG in lender diligence](https://soloncorporate.com/guides/esg-in-lender-diligence): Why a company below every UK sustainability reporting threshold still gets an ESG questionnaire in credit diligence: where the obligation comes from, which regimes bite at what size, what the pack contains, and what a missing answer does to a process.

## Insights

- [Insights](https://soloncorporate.com/insights): The research desk: practitioner analysis of UK lower-mid-market debt, dated to the data each piece covers.
- [The market monitor](https://soloncorporate.com/insights/monitor): A standing monitor of the UK lower-mid-market debt cycle (deal flow, lender share and CFO sentiment), read one period at a time from public data.
- [RSS feed](https://soloncorporate.com/feed.xml): Every insights post as an RSS 2.0 feed.
- [More than 14,500 companies are in the window](https://soloncorporate.com/insights/the-refi-wall-counted): Counted from the public charge register, not forecast: 14,675 of 83,957 scored UK lower-mid-market companies are inside an estimated refinancing window now. The wall is a 2020–24 vintage story.
- [The six-year arc of the cost of credit, and what it teaches](https://soloncorporate.com/insights/the-cost-of-credit-six-year-arc-2026): Credit went from its cheapest in a generation in 2021 to its most expensive in 2023, then eased. The lesson is to structure for the path, not the level.
- [Funding growth and capex without giving up the equity](https://soloncorporate.com/insights/growth-and-capex-finance-2026): SME equity investment fell 20% to £7bn in Q1–Q3 2025, while private-credit deployment hit $593bn. For a cash-generative lower-mid-market company, the debt case has rarely been stronger.
- [Supply and sentiment are out of phase](https://soloncorporate.com/insights/the-quarter-in-debt-mid-2026-state-of-the-market): Private-debt deal flow near record, Bank Rate down to 3.75%, CFO risk appetite near series lows. Why supply and sentiment are out of phase in mid-2026, and what it means for a borrower.
- [Challenger share holds at sixty per cent](https://soloncorporate.com/insights/challenger-share-plateaus-at-sixty-percent): Challengers held 60% of UK gross SME bank lending in 2025 for the second year running, with big-five gross lending at a near-record low. What the plateau means for a borrowing CFO.
- [The strongest unitranche year since 2021](https://soloncorporate.com/insights/unitranche-deals-are-back-2025-annual): European mid-cap unitranche hit 570 deals in 2025, the strongest year since 2021's record. The UK led the year-end surge at +60% QoQ, and debt funds held 71% of UK mid-cap financings for the full year.
- [A trillion dollars looking for borrowers](https://soloncorporate.com/insights/private-credit-three-and-a-half-trillion-deal-note): Global private credit hit $3.5tn AUM with ~$1tn dry powder. What that scale means for a UK company raising £3–15m: more lenders competing harder for the right credit.
- [Refinancing a Covid loan through the Growth Guarantee Scheme](https://soloncorporate.com/insights/growth-guarantee-scheme-refinancing-covid-debt): GGS is extended to 2030 but is not automatically right for a maturing CBILS borrower. The guarantee is designed for the marginal credit; stronger credits have access to the broad commercial market.
- [The tariff shock and the sentiment break](https://soloncorporate.com/insights/the-quarter-in-debt-2025-tariff-shock): CFO credit-availability sentiment swung from +34% to -49% in one quarter, the sharpest break since 2022. Why the deal market held up and what it means for a borrower reading the headlines.
- [The quiet record in asset finance](https://soloncorporate.com/insights/asset-finance-and-abl-the-quiet-workhorse): SME asset finance new business reached £23.5bn in 2024, up from £16bn in 2020, with non-bank lenders supplying over a third of the market. ABL and asset finance deserve a place in every lower-mid-market CFO's funding toolkit.
- [The bank retreat](https://soloncorporate.com/insights/the-bank-retreat): Challenger and specialist banks now supply about 60% of new bank lending to smaller UK businesses, passing the big-five banks in 2021. What the shift means for a borrowing CFO.
- [Financing the search-fund and independent-sponsor acquisition](https://soloncorporate.com/insights/search-fund-and-independent-sponsor-debt): Independent sponsors win debt on the credit and the operator, not a fund brand. How the lender market approaches sponsorless deals, and what an independent buyer needs to show.
- [The covenant that bites first](https://soloncorporate.com/insights/covenants-leverage-pricing-in-a-higher-rate-world): Bank Rate peaked at 5.25% and settled near 4.75% into early 2025. The binding covenant in that world is interest cover, not leverage. What that means for sizing and structure.
- [The year the recovery stuck](https://soloncorporate.com/insights/the-quarter-in-debt-2024-annual-review): Private-debt deals recovered to 702 in the year to Autumn 2024, debt funds held 77% of UK mid-cap flow, and M&A-led activity returned. What the 2024 recovery means for a £3–15m borrower planning in 2025.
- [The Covid loan book has a countdown](https://soloncorporate.com/insights/covid-loan-repayment-where-the-book-stands-2024): Heading into 2025, CBILS repayment is well advanced but over half of Bounce Back loans remain on schedule to hit final maturity in 2026. What the repayment curves mean for a borrower still carrying Covid debt.
- [Acquisition finance for the lower-mid-market](https://soloncorporate.com/insights/acquisition-finance-for-the-lower-mid-market): Roughly two-thirds of European private-debt deals fund an acquisition. Why a first-time buyer should arrange a committed acquisition line and accordion headroom up front, not deal-by-deal.
- [Refinancing from strength, not necessity](https://soloncorporate.com/insights/refinancing-from-strength-not-necessity): UK corporate net debt-to-earnings near a twenty-year low as 2026 maturities approach. Why most lower-mid-market borrowers hold more leverage than they think going into renewal.
- [The 2024 recovery, confirmed](https://soloncorporate.com/insights/the-quarter-in-debt-2024-recovery-confirmed): After a 2023 trough, UK private-debt deal flow has recovered: Q1 2024 UK mid-cap deals rose ~18% YoY, debt funds held 77% of UK activity. What the recovery means for a borrower at the £3–15m level.
- [The 2026 maturity wall starts here](https://soloncorporate.com/insights/the-2026-maturity-wall-starts-here): The 2020-vintage Covid loans mature in 2026 and about 30% of UK leveraged-loan debt falls due by end-2025. Why a foreseeable wall is only manageable if you start refinancing 12–18 months out.
- [What $1 trillion of private credit means for a UK borrower](https://soloncorporate.com/insights/private-credit-passes-one-trillion-what-it-means-for-borrowers): Private-credit managers in the ACC survey deployed $333bn in 2022. Why global scale is a borrower's tailwind, and why it only helps if you run a competitive process.
- [Unitranche is now the majority UK mid-market structure](https://soloncorporate.com/insights/debt-funds-take-two-thirds-of-uk-mid-market): Unitranche, the debt-fund instrument, has held the majority of UK private-debt structures throughout the cycle, and debt funds wrote 62% of UK sponsored unitranche financings in early 2023. A lender process that canvasses only banks is searching a shrinking part of the field.
- [The 2023 trough and the rebound off it](https://soloncorporate.com/insights/the-quarter-in-debt-2023-trough-and-rebound): European mid-cap unitranche bottomed at 62 deals in Q2 2023, the lowest of the rate-shock cycle. Why a quiet market is the moment a prepared borrower commands best terms.
- [Personal guarantees are negotiable](https://soloncorporate.com/insights/personal-guarantees-what-borrowers-should-know): A personal guarantee is a negotiable term, not a box to tick. Capping it, time-limiting it, and trading it against pricing keeps personal exposure under control as credit tightens.
- [Deal flow held through the rate shock](https://soloncorporate.com/insights/the-quarter-in-debt-2022-resilience): Private-debt deals hit 871 in the year to autumn 2022 (+51% on a year earlier) as Deloitte rebranded the tracker. Why direct lenders kept closing through the rate shock while syndicated markets stalled.
- [When credit stopped being cheap](https://soloncorporate.com/insights/the-rate-turn-2022-cost-of-credit): In a year Deloitte's net balance on the cost of credit swung more than 100 points into costly territory (an implied costly-share moving from about 14% to 74%), availability fell to a post-Covid low, and Bank Rate reached 2.25%. Why a tightening cycle punishes delay.
- [The unitranche reflex](https://soloncorporate.com/insights/unitranche-vs-senior-plus-mezz-2022): Unitranche took about 70% of UK alternative-lender structures by late 2021, up from 58% in 2020. Why the single-tranche default is not automatically right below £15m, and how to choose.
- [The 2021 record run](https://soloncorporate.com/insights/the-quarter-in-debt-record-run-2021): Private-debt deal flow rebounded to records in 2021: alternative-lender deals back to 578 on the year, European unitranche at a quarterly high, buyout share above 70%. Use the hot market for terms, not just price.
- [Why the challenger banks' share fell to 32%](https://soloncorporate.com/insights/challengers-cross-the-line-2021): Challenger and specialist banks supplied just 32% of UK gross SME bank lending in 2020, a Covid-scheme artefact. Pre-pandemic they were already above half. Why the high-street bank is now one quote among many.
- [Cheap credit, reluctant borrowers](https://soloncorporate.com/insights/what-cfos-think-about-credit-2020-2021): By end-2020 UK CFOs rated credit cheaper and more available every quarter through the pandemic, even as risk appetite stayed deeply negative. Why that gap is a borrower's window.
- [Deal flow at the Covid trough](https://soloncorporate.com/insights/the-quarter-in-debt-covid-trough-2020): Alternative-lender deal flow eased from 484 to 447 in the year to autumn 2020. A dip, not a seizure. Buyout and unitranche shares rose: capital concentrated on quality.
- [CBILS comes with a six-year clock](https://soloncorporate.com/insights/covid-emergency-lending-what-it-means-for-borrowers): CBILS lends up to £5m on terms of up to six years, 80% government-guaranteed, with the first 12 months of interest paid. A loan drawn now is a 2026 refinancing event — plan for it.
- [The lender field was already plural by 2020](https://soloncorporate.com/insights/uk-lower-mid-market-debt-2020-state-of-play): Entering 2020, over half of finance-seeking UK SMEs went beyond the big-five banks and direct lenders had built a 1,937-deal European book. The pre-Covid field of debt options, in numbers.

## Full text

- [llms-full.txt](https://soloncorporate.com/llms-full.txt): The full-text companion to this index — verbatim text of the core pages and every guide, plus lender-directory and research-note link lists.

## Notes for citation

Solon is an independent debt adviser, not a lender, broker platform or marketplace. The firm lists no lender panel and takes no undisclosed remuneration from lenders. Market figures published on this site carry their as-of dates and should be cited together with those dates. The refinancing-wall figures are Solon's own analysis of the Companies House charge register (bulk file 1 July 2026): windows are estimates, never reported maturities, and counts are floors — cite them with the as-at date of 7 July 2026.

## Library

- [Library](https://soloncorporate.com/library): Definitions of the vocabulary a UK lower-mid-market borrower meets in a debt raise — pricing, structure, covenants, security, process, diligence and the parties — each with the conventions, the numbers where they are published, and what is deliberately not published.
- [Acquisition finance](https://soloncorporate.com/library/acquisition-finance): Acquisition finance is sized on the combined group rather than on either company alone, against scrubbed earnings and after refinancing whatever debt is already there. The new money is what is left once both of those are done.
- [Agreement among lenders (AAL)](https://soloncorporate.com/library/aal): The agreement among lenders is the private contract ranking your lenders against each other. You are barely a party to it, and it determines how easily you will get a waiver when you need one.
- [Amortisation](https://soloncorporate.com/library/amortisation): Amortisation is the schedule on which you repay principal. It decides how much cash the facility takes each year, which covenant binds you, and how large a refinancing you face at maturity.
- [Arrangement fee](https://soloncorporate.com/library/arrangement-fee): The arrangement fee is what a lender charges for putting the facility in place. It is taken at drawdown, so it never reaches your account, and it varies by lender type more than by deal size.
- [Asset finance](https://soloncorporate.com/library/asset-finance): Asset finance funds a specific asset over its working life, secured largely on the kit itself. On a like-for-like APR it costs about the same as a term loan, so the decision turns on ownership, security and cash-flow shape rather than rate.
- [Asset-based lending (ABL)](https://soloncorporate.com/library/asset-based-lending): Asset-based lending sizes a facility off the assets rather than off a multiple of earnings. Availability flexes with the collateral, which suits a business whose balance sheet is bigger than its profit suggests.
- [Broker vs adviser](https://soloncorporate.com/library/broker-vs-adviser): A broker is paid commission by the lender that wins the deal. An adviser is paid by you. That single difference decides whose side each is on when the terms are being set.
- [Cash conversion](https://soloncorporate.com/library/cash-conversion): Cash conversion is how much of your EBITDA arrives as cash. It decides how much of the reported figure is real for servicing debt, which is why the affordability lens can cap a facility below whatever the multiple advertises.
- [Cash sweep](https://soloncorporate.com/library/cash-sweep): A cash sweep is a mandatory prepayment: a defined share of the cash your business generates above what it needs goes to repaying the loan early, whether you want it to or not.
- [CBILS and RLS refinancing](https://soloncorporate.com/library/cbils-rls-refinancing): CBILS loans written on six-year terms mature through 2026 and into early 2027. The scheme guarantee protected the lender, never you, and the borrower protections it carried expire with the facility they were attached to.
- [CFADS](https://soloncorporate.com/library/cfads): CFADS is the cash left to pay lenders after the business has paid for everything it needs to keep running. It is the number that sets your real borrowing ceiling, and it is usually far below EBITDA.
- [Clean-down](https://soloncorporate.com/library/clean-down): A clean-down requires the line to sit at or near zero for a short window each year. It is the test that proves a revolver funds swings rather than a permanent hole, and failing it changes what the facility is.
- [Conditions precedent (CPs)](https://soloncorporate.com/library/conditions-precedent): Conditions precedent are the items that must be delivered before a lender will release funds. The list looks administrative and is the single most common reason a drawdown slips past the date the money was needed.
- [Covenant headroom](https://soloncorporate.com/library/covenant-headroom): Headroom is the gap between where your covenant is set and where you are trading, and it is the difference between a difficult quarter and a default.
- [Credit approval](https://soloncorporate.com/library/credit-approval): Credit approval is the lender's internal decision to commit. Until it happens you hold an originator's view of what their institution should do, not a commitment about what it will.
- [Customer concentration](https://soloncorporate.com/library/customer-concentration): Customer concentration is the share of revenue depending on a small number of customers. It rarely stops a facility outright; it reduces the leverage a lender will underwrite and tightens what comes with it.
- [Data room](https://soloncorporate.com/library/data-room): The data room is the repository a credit team underwrites from. Standing it up is the moment a raise becomes real, and its condition does more to set the timetable and the diligence bill than anything else a borrower controls.
- [Debenture](https://soloncorporate.com/library/debenture): A debenture is the document that gives a lender security over substantially all of a company's assets. It reaches the public register within 21 days, and it stays there after repayment unless someone files to remove it.
- [Debt adviser](https://soloncorporate.com/library/debt-adviser): A debt adviser runs a competitive process on the borrower's side of the table. The UK market is tiered by ticket size rather than by quality, and the tier that fits a £3-15m raise is not the one that fits £100m.
- [Debt against equity](https://soloncorporate.com/library/debt-vs-equity): Debt is cheaper, deductible and temporary; equity is permanent, forgiving and expensive. The choice turns on how certain the plan is and how much fixed cost the business can carry, not on which is cheaper on paper.
- [Debt service cover ratio (DSCR)](https://soloncorporate.com/library/dscr): DSCR measures the cash available to service debt against everything the debt costs in the period, interest plus scheduled repayment. It is the tightest of the common covenants because it is the only one that counts amortisation.
- [Direct lender](https://soloncorporate.com/library/direct-lender): A direct lender is a fund that lends its own capital without syndicating to banks. It is one of four categories serving UK lower-mid-market borrowers, and each lends against something different.
- [Dividend recapitalisation](https://soloncorporate.com/library/dividend-recap): A dividend recap refinances the company onto a larger facility and pays the surplus to shareholders, so owners take cash out without selling. It has to pass two independent tests: whether the cash flow carries the new leverage, and whether distributable reserves cover the dividend.
- [Equity cure](https://soloncorporate.com/library/equity-cure): An equity cure lets shareholders inject money to fix a covenant breach after it has happened. It is a limited resource, capped in number and frequency, and how the cash is applied decides how much good it does.
- [Event of default](https://soloncorporate.com/library/event-of-default): An event of default is a defined failure that gives the lender the right to act. It does not compel them to, and on a business still trading and paying interest, they almost never take the most drastic option available.
- [Exit fee](https://soloncorporate.com/library/exit-fee): An exit fee is charged when the facility is repaid, including at maturity. Unlike call protection it is not avoided by waiting, which is why it is easy to miss when comparing offers.
- [HoldCo vs OpCo debt](https://soloncorporate.com/library/holdco-vs-opco): OpCo debt sits at the company that owns the assets and earns the cash. HoldCo debt sits one level above it, behind every creditor of the trading business, and is repaid only from what the trading company is permitted to pay up.
- [Information memorandum (IM)](https://soloncorporate.com/library/cim): The information memorandum is the document lenders read to decide whether to lend and at what price, and it is not the same document as the one used to sell a company.
- [Information undertakings](https://soloncorporate.com/library/information-undertakings): Information undertakings are the reporting obligations in a facility agreement. They are the least negotiated covenants and the ones you live with every month, and late delivery says something about a business that its numbers may not.
- [Interest cover](https://soloncorporate.com/library/interest-cover): Interest cover measures earnings against the interest bill alone. It is the covenant most exposed to the cost of money rather than to trading, which is why a rate rise can move it when nothing about the business has changed.
- [Leverage covenant](https://soloncorporate.com/library/leverage-covenant): A leverage covenant caps your debt as a multiple of EBITDA, tested every quarter. It is rarely one number and rarely one measure: most facilities test several, on a schedule that tightens each year.
- [LMA](https://soloncorporate.com/library/lma): The Loan Market Association publishes the standard-form documents most UK loan agreements are built from. LMA-style means the shape is conventional; it does not mean the terms inside it are.
- [Maintenance vs incurrence covenants](https://soloncorporate.com/library/maintenance-vs-incurrence): A maintenance covenant tests every quarter whether you like it or not. An incurrence covenant tests only when you try to do something. The difference decides whether a bad quarter is a default or merely a bad quarter.
- [Management buy-in (MBI)](https://soloncorporate.com/library/management-buy-in): A management buy-in is an external team buying a company they have not run. The lender is underwriting execution risk on top of ordinary credit risk, and the response is structure rather than a punitive rate: gear it below a comparable buyout.
- [Management buyout (MBO)](https://soloncorporate.com/library/management-buyout): A management buyout is the team that runs a business buying it. The funding is a stack of senior debt, vendor paper and the team's own equity, and the hardest decision is taking less debt than the market will offer.
- [Margin ratchet](https://soloncorporate.com/library/margin-ratchet): A margin ratchet moves your interest margin with performance, usually leverage. It is the one part of the pricing that can improve after signing, and the conditions attached to it decide whether it ever does.
- [Material adverse change](https://soloncorporate.com/library/material-adverse-change): A material adverse change clause lets a lender act if your position deteriorates materially, without waiting for a specific covenant to break. Its most consequential position is not the default clause but the drawing conditions.
- [Mezzanine](https://soloncorporate.com/library/mezzanine): Mezzanine is a loan sitting behind the senior facility, secured and dated, usually part cash-pay and part PIK. It buys quantum the senior lender will not stretch to, and it adds a creditor, a maturity and an intercreditor.
- [Non-utilisation fee](https://soloncorporate.com/library/non-utilisation-fee): A non-utilisation fee is what you pay for money you have not borrowed. It is charged on the undrawn portion of a facility, and it turns headroom from something free into something priced.
- [Normalised EBITDA](https://soloncorporate.com/library/normalised-ebitda): Normalised EBITDA is your statutory earnings adjusted for things that will not recur. It is the number your facility is sized on, and every adjustment in it is tested on its own.
- [Original issue discount (OID)](https://soloncorporate.com/library/oid): Original issue discount means the lender advances less than the face amount of the loan. You receive 98 or 99 pence in the pound and repay the whole pound, so the discount is interest collected at the front.
- [Permitted payments](https://soloncorporate.com/library/permitted-payments): The permitted payments schedule sets what cash may leave the business while the debt is outstanding. It reaches further than dividends, and it is settled in the long-form documents rather than in the term sheet.
- [Personal guarantee](https://soloncorporate.com/library/personal-guarantee): A personal guarantee makes a director personally liable for the company's debt if the company cannot pay. What it covers and how it is capped matters far more than whether one is given at all.
- [PIK (payment in kind)](https://soloncorporate.com/library/pik): PIK interest is not paid in cash. It is added to the principal and repaid at the end, which protects cash flow today and enlarges the debt you have to refinance later.
- [Preferred equity](https://soloncorporate.com/library/preferred-equity): Preferred equity is a class of shares ranking ahead of the ordinary shareholders and behind every creditor, with a fixed return that accrues to exit rather than being paid in cash. It costs more than mezzanine and forgives more.
- [Prepayment protection](https://soloncorporate.com/library/prepayment-protection): Prepayment protection is what a lender charges if you repay early. It protects their expected return, and it is the provision that decides whether you can refinance into cheaper debt when the business improves.
- [Priority of charges](https://soloncorporate.com/library/debenture-priority): Priority between charges is settled by agreement far more often than by the order of registration. Granting a second charge is usually possible with the incumbent's consent, and almost never without it.
- [Quality of earnings (QoE)](https://soloncorporate.com/library/quality-of-earnings): A quality of earnings report is an accounting firm's independent test of whether your reported profit is real and repeatable. It is the piece of diligence that most often moves a deal, because what it strikes out reduces what you can borrow.
- [Refinancing wall](https://soloncorporate.com/library/refinancing-wall): The refinancing wall is the concentration of UK facilities coming due together across 2026 and 2027. On our own scoring of the charge register, estimated windows stay open for between 15,519 and 16,808 companies in every quarter of that period.
- [Sale and leaseback](https://soloncorporate.com/library/sale-and-leaseback): A sale and leaseback sells the freehold to an investor and leases it straight back on a long term. It releases close to the full value of the property and converts an owned asset into a permanent fixed rent.
- [Senior stretch](https://soloncorporate.com/library/senior-stretch): A senior stretch is a single senior facility pushed above conventional bank leverage without adding a junior layer. It buys borrowing capacity that a bank structure would not reach, and it prices and covenants accordingly.
- [Shareholder buyout](https://soloncorporate.com/library/shareholder-buyout): Buying out a departing shareholder is an ownership shift funded by debt. The cash leaves the business, so a lender underwrites the remaining company's existing cash generation rather than a growth plan, which keeps leverage at the conservative end.
- [SONIA](https://soloncorporate.com/library/sonia): SONIA is the sterling reference rate almost every floating UK business loan is priced over. Your margin is fixed at signing; SONIA is not, and it moves your interest bill without anyone renegotiating anything.
- [Sponsor](https://soloncorporate.com/library/sponsor): A sponsor is the private equity firm backing the equity in a transaction. Its presence changes the debt available, because a lender is underwriting a fund that can write a second cheque as well as a business.
- [Springing covenant](https://soloncorporate.com/library/springing-covenant): A springing covenant is tested only once the revolving facility is drawn past a threshold. Below the line there is no quarterly test to fail, which is a smaller reprieve than it sounds.
- [Super senior RCF](https://soloncorporate.com/library/super-senior-rcf): A super senior RCF is the working capital line that sits alongside a unitranche facility and ranks ahead of it on enforcement. It is usually provided by a bank, and it is priced far tighter than the debt it outranks.
- [Term sheet](https://soloncorporate.com/library/term-sheet): A term sheet sets out the terms a lender will lend on. Most of it is not binding, a few clauses are, and your negotiating leverage peaks in the moment before you grant exclusivity.
- [Unitranche](https://soloncorporate.com/library/unitranche): Unitranche is a single blended facility from one fund, replacing the senior and junior layers a bank structure would use. It buys leverage, speed and a bullet repayment, and it charges for all three.