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Ask most lenders and they鈥檒l tell you their appetite for deals hasn鈥檛 changed over the past year.

They鈥檙e still 鈥渙pen for business,鈥� 鈥減utting money to work,鈥� and 鈥渆xcited to support great companies.鈥� And they鈥檙e not lying. In fact, if you dig into the numbers, you鈥檒l find that private credit loan have been steadily increasing since the collapse in March 2023. But dig a little deeper and you鈥檒l see the real factors behind that growth: larger loans to fewer, higher-performing companies.

According to , there鈥檚 a $1.4 trillion gap between private equity buyout dry powder and credit origination dry powder as of Q3 2024. Add that to a $600 billion-plus maturity wall of performing loans through 2028, and we鈥檙e looking at a comfortably $2 trillion funding gap over that period. As a result, lenders are becoming extremely selective.

Capital is flowing to a narrower band of outperformers, while many CFOs are scrambling for access. This is a stark contrast to what most CFOs are hearing from lenders. The truth, in an economic and political environment that鈥檚 more uncertain than it was a year ago, is that preparation and timing matter more than ever. Underwriting is tighter, credit committees more risk-averse, and fewer loans are being made to companies that are not marquee names.

So if you鈥檙e not on the Fortune 500, do you have a chance at getting a loan for your business? Absolutely 鈥� if you鈥檙e prepared.

I鈥檝e spent a decade in asset-backed finance, a decade building my own business, and have spent the last three years advising venture-backed companies as they navigate the debt landscape.

Below are my top five pieces of advice for CFOs looking to scale up their businesses.

Don’t need debt today? Then now’s the best time

The first rule of a smart debt strategy is counter-intuitive: The less you need it, the easier it is to get.

Lenders are most eager to work with companies that are growing and have plenty of runway. That鈥檚 especially true in uncertain markets like 2025. If you鈥檙e seeing quarter-over-quarter growth, have an acquisition in the works, or recently brought on a strong equity partner 鈥� now is the time to start your debt process. Don鈥檛 wait until you鈥檙e under pressure; that鈥檚 when your options shrink, terms tighten and timelines drag out.

Choose the right lender

Debt deals are multiyear commitments. They鈥檙e expensive to set up and can be even more expensive to unwind. Treat lender selection the same way you鈥檇 bring on an equity investor.

That means:

• Get references: Multiple data points if possible. Lenders may act differently today than they did two years ago.
• Understand their long-term goals: Can they support your growth objectives over the next two years? Five years? Or will you eventually need to replace them? Sometimes that鈥檚 a good thing, but make sure you know going in.
• Work with an experienced adviser: A good adviser will not only help you run an efficient process, but also steer you away from lenders who won鈥檛 鈥済et there鈥� with your model 鈥� saving you weeks or even months of wasted effort.

Don鈥檛 overdo your preparation

Each lender will have a different set of due diligence requirements, but there are common elements. You won鈥檛 need a full M&A-style data room, but be ready with these basics:

• Full year (two years ideally) and year-to-date financials
  • Income statement
  • Balance sheet
  • Cashflow statement
• Financial model with at least the next three (ideally five) years forecasted
• Cap table
• Corporate organizational documents

Have a nonconfidential teaser deck ready. Keep it brief and to the point; focus on the company overview, team, key financials and use of proceeds. Then, practice the pitch you鈥檒l give alongside this presentation. You should be able to tell your story in under 20 minutes. Keep in mind that this is not an equity pitch. You do not need to convince anyone that you could be the next unicorn 鈥� just that you can repay the loan on time.

It鈥檚 important to note that time kills all deals. Make sure your calendar is clear and that you鈥檙e ready to respond quickly to due diligence requests. Do not play 鈥渉ard to get.鈥� The due diligence process is the first real opportunity you have for collaboration. You don鈥檛 want to be perceived as difficult to work with.

But know your numbers cold

Know the historical drivers of your business as well as you know yourself. How will these numbers change in the new economic or political environment? Have they started to change already? Consider both positives and negatives to paint a balanced picture.

Then you get to the fun stuff. What does your company look like with this fresh infusion of capital? What is the plan for its use? How will this capital unlock future growth opportunities?

Your financial projections post-successful raise need to strike the right balance. If you paint too conservative of a picture, you may not qualify for the loan you’re looking for. If you go too optimistic, lenders may underwrite to your stretch case and then use it to set tough covenants. Be realistic and be able to defend it.

Most importantly, show lenders how they get their money back without needing additional external capital. In 2025, fewer lenders are underwriting to your ability to raise equity or refinance your way out of this loan. Fundamentals are more important than momentum right now.

Strap in for a bumpy ride

Even in the best of times, debt processes can be unpredictable. You鈥檒l hear 鈥渘o鈥� when you expect a 鈥測es.鈥澛� You鈥檒l get term sheets that don鈥檛 match your ask. You鈥檒l wonder if the list of diligence questions will ever end.

Be prepared going in, make sure you鈥檙e working with the right people from the outset, and stay proactive. The more knowledgeable and responsive you are, the smoother the process will go 鈥� and the better your odds of landing the right deal, at the right time, with the right partner.

is the chief operating officer of and head of Overlap鈥檚 Capital Solutions business. He began his career at , where he rose to become head of syndicate and structuring for the firm鈥檚 mortgage and asset-backed structured products business. Morelli holds a bachelor鈥檚 degree from .