Capital & Trade Finance
Capitalsecuredbysomethingyoucanweigh
Banks retreated from commodity finance and never fully came back. We lend and invest against cargo, inventory, receivables and production – structures a producer can actually execute, priced by people who know what the collateral is worth.
- 6
- Instruments
- Days
- Indicative terms
- Hard collateral
- Security
Instruments
Howweputcapitaltowork
| Instrument | Use | Security | Tenor |
|---|---|---|---|
| Prepayment finance | Fund a producer's working capital against future deliveries | Offtake contract, assigned receivables, cargo pledge | 6–36 months |
| Borrowing base facility | Finance a revolving pool of inventory and receivables | Stock in approved warehouses, insured receivables | 12 months revolving |
| Transactional trade finance | Bridge a single cargo from load port to buyer payment | Title documents, letters of credit, cargo insurance | 30–180 days |
| Streaming & royalty | Fund mine development without diluting the sponsor | Percentage of production or revenue, share pledge | Life of asset |
| Mezzanine & structured credit | Fill the gap between senior debt and sponsor equity | Second lien, share pledge, cash sweep, warrants | 3–5 years |
| Project & asset equity | Take ownership alongside an operator we trust | Shareholding, board seat, reserved matters | 3–7 years |
Mechanics
Howafacilityactuallyworks
Four steps between a producer with no working capital and a repaid facility. Hover a step to see what happens at that point in the chain.
01
Producer needs cash before the cargo exists
A mine, a field or a refiner has offtake but no working capital between production and payment. We underwrite the collateral, not the balance sheet.
Who we work with
Fourcounterparties,fourdifferentproblems
Producers & miners
What they needCash before the cargo, and a buyer who does not disappear in a weak market.
What we doPrepay, offtake and term contracts priced against an index you can verify.
Traders & industrials
What they needReliable supply of a specific grade, at a delivery point that actually exists.
What we doPhysical supply, blending, storage and last-mile logistics under one contract.
Asset owners
What they needCapital, an operating partner, or an exit that does not take two years.
What we doEquity, JV and structured capital into fields, mines, terminals and generation.
Investors & family offices
What they needExposure to commodities and real assets without running a trading floor.
What we doCo-investment in the same positions we underwrite with our own balance sheet.
Credit discipline
Secured,insured,oritdoesnotexist
Every facility is underwritten to the collateral, not to the story. Indicative terms on a clean file come in days, not weeks; documentation is to bank standard; and collateral is valued at stressed prices before the first drawdown.
How a facility gets done
Collateralfirst,storysecond
Value the collateral
Value the collateral
Value the collateral
Cargo, inventory, receivables or production priced at stressed levels by the same desks that trade them every day.
Control the flow
Control the flow
Title, storage and offtake documented so the goods and the money never travel apart.
Structure the facility
Structure the facility
Prepay, borrowing base, streaming or mezzanine – whichever the producer can actually execute, documented to bank standard.
Monitor to maturity
Monitor to maturity
Positions marked, covenants tested and drawdowns released against real movement, not against a schedule.