Where our capital fits
| Equipment Financing | Inventory / Working Capital | Real Estate Debt | |
|---|---|---|---|
| Geographic coverage | North America | North America | North America |
| Industry | Manufacturing, transportation/fleet, construction, healthcare equipment, office tech, renewable energy | Broad industries – especially trucking, staffing, wholesale, apparel/textile, government contractors |
|
| Revenue range | Typically asset-based Micro/small-ticket: $200K – $1M Mid-to-large ticket: $10M – $200M |
~$250K – $500M+ depending on facility Micro-market: $50K – $20M Middle-market: $1M – $500M+ |
Not applicable — experience and balance-sheet strength matter |
| EBITDA range | Usually not EBITDA-driven; collateral / equipment value matters more. Typical: $3M – $50M | Often asset-based with no strict EBITDA requirement. Typical: $3M – $50M | Not applicable — property cash flow (NOI / DSCR), as-is value, as-stabilized value, and LTV / LTC ratios |
| Check size | ~$5K – $50M (most commonly small / mid-ticket) | ~$5K – $250M (factoring through larger ABL facilities) |
~$100K – $250M:
|
| Securitization | Loans kept on balance sheet or bundled into portfolios | Receivables packaged into warehouse lines or short-term securitizations | Loans funded through diversified channels: Public REITs, Private debt funds, Mortgage REITs and CRE-CLOs, Balance-sheet held / portfolio, Resi transition loan securitizations |
| Speed | Fast approvals — often same-day funding for standard borrowers | Automated invoice verification — funding often within 24 hours |
Variable by lender tier:
|
| Key diligence focus | Equipment lifespan, vendor relationships, lease structure, sale-leaseback potential | Invoice aging, recourse structure, customer concentration limits | LTV (typically 65-75% for bridge, up to 92.5% LTC for fix-and-flip), DSCR (1.10-1.25x typical), as-stabilized vs. as-is value, sponsor experience and track record, exit strategy / take-out source, property cash flow and rent roll, market quality. |
Our Thesis
| Geographic coverage | Developed Markets: United States, Canada, Australia, West Europe |
| Industry | Land development, residentials, commercial real estate, lifestyle-driven assets (marina, entertainment, condos, hospitality) |
| Check size | USD $1M – $30M (lower to mid market); Occasionally, mid-market up to USD 200M |
| Holding Period | Average 3 – 5 years |
| Key diligence focus | Operator track records, architect reputation, historical performance, property/asset management cost structure, revenue streams |
| Investment structure / Products | Direct Equity, Preferred Equity, Corporate Bond, REIT, Pre-IPO, Secondaries; Fund vehicles include Heritage Evergreen Fund and Heritage Co-invest JV |
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