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01 · How it works
Private credit underwritten on verified cash flow.
Apex provides capital advances to operating small businesses against their verified future receivables. Each advance is sized based on the business’s documented bank and processing statement history — not against a credit score or collateral valuation. Repayment is structured as a fixed percentage of the business’s daily or weekly card receipts, so obligations move in proportion to the business’s actual performance.
This repayment structure provides Apex with continuous, real-time visibility into portfolio performance from the first day of funding. It also creates a natural alignment between the advance and the business’s operating capacity — the obligation scales with revenue rather than demanding fixed payments regardless of trading conditions.
Short duration — typically three to twelve months — combined with daily repayment monitoring means the portfolio turns over quickly and can be redeployed into new opportunities as market conditions evolve.
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02 · Why Uncorrelated
Returns driven by actuarial factors, not markets.
No rate sensitivity
MCA returns are determined by the accuracy of cash-flow underwriting and the repayment performance of individual businesses — not by benchmark interest rates or credit market spreads.
Short duration portfolio
With a typical hold period of three to twelve months and daily repayment receipts, the portfolio’s performance is continuously observable and quickly reallocable — unlike longer-duration credit instruments.
Granular diversification
Portfolios are constructed across multiple industries, geographies, and business sizes. Concentration in any single sector or advance size is actively managed against defined limits.
Research-led. Risk-aware investing.
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03 · Investment Process
From application to full repayment.
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01 · Origination
Application & Screening
Businesses apply through Apex’s broker network or direct origination channels. Each application is screened against minimum criteria: verified operating history, minimum monthly revenue, and acceptable position stack (existing advance obligations relative to revenue).
Applications that do not meet entry criteria are declined at this stage without committing underwriting resources.
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02 · Underwriting
Cash Flow Analysis
Apex’s credit team reviews six to twelve months of bank statements and card processing history for each applicant. Seasonality, industry concentration, average daily balance trends, and existing advance obligations are modelled explicitly.
The advance size and factor rate are set against Apex’s minimum return threshold — not against a standardised pricing grid.
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03 · Funding
Deployment
Capital is deployed to the business’s operating account, typically within 24 hours of final approval. Funding terms, including the repayment percentage and factor rate, are confirmed in writing before deployment.
The advance is structured to align with the business’s verified revenue profile as assessed during underwriting.
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04 · Monitoring & Remittance
Ongoing Portfolio Oversight
Following funding, account performance and remittances are monitored throughout the life of each transaction, providing continuous visibility into performance and emerging risk.
Daily repayment receipts are tracked in real time. Early-stage performance deviations are flagged to the portfolio management team for assessment and, where appropriate, proactive engagement with the borrower.
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04 · Why Apex
Proprietary underwriting — not standardised pricing.
Apex’s MCA underwriting is built on verified bank and processing statement data, assessed by a credit team that evaluates each advance individually rather than running it through a standardised scoring model. The firm’s position stack analysis — reviewing the advance applicant’s existing obligations against its revenue capacity — is a discipline applied to every transaction in the portfolio.
Short duration and daily repayment visibility mean the portfolio is monitored continuously. Any performance deterioration is identified early and managed actively — a significant operational advantage over longer-duration credit strategies where problems may compound before they are detected.