Underwrite like a lender, not an equity analyst.

For people recruiting into direct lending, BDCs, or credit funds, and junior credit analysts who want the downside-case muscle built properly.

What's inside

6 modules, built around real deal mechanics — no filler, no padding to justify a higher price elsewhere.

• 01
  Credit analysis fundamentals

  What lenders actually underwrite: cash flow durability, not just EBITDA.
• 02
  Debt capacity & leverage sizing

  How much a borrower can actually support, and why that number isn't the EBITDA multiple alone.
• 03
  Covenant structures

  Maintenance vs. incurrence covenants, and what breaks them in practice.
• 04
  Unitranche & structure mechanics

  How direct lending structures differ from a traditional leveraged loan stack.
• 05
  The downside case

  Building a stress case that shows where recovery actually falls, not just the base case.
• 06
  Writing the credit memo

  Turning the model into the document an investment committee actually reads.

What you'll be able to do

• Size a debt capacity from a borrower's cash flow, not a rule of thumb
• Spot the covenant that actually matters in a credit agreement
• Build a downside case that shows real recovery, not just a haircut
• Write a credit memo an investment committee would approve