Structures
Warehouse
status: draft
A revolving facility that funds newly originated or acquired assets before permanent financing, sale, or runoff.
What to watch
Key terms are advance rate, borrowing base, eligibility, concentration limits, pricing, triggers, reporting, and takeout strategy.
Referenced in 189 topics
ABF fund operations fundamentals operations-lifecycle ABF vs. traditional lending (when ABF makes sense, when it doesn't) foundations Accessing insurance capital for originators playbooks Account control agreements documentation Accounts and cash management mechanics Administration agreement documentation Advance rates and the borrowing base mechanics Agency RMBS asset-classes Aircraft leases asset-classes Amendments and waivers lifecycle-events Amortization and repayment mechanics Approaching banks for warehouse capital playbooks Auto loans and leases asset-classes Back leverage (provider perspective) capital-sources Back leverage and fund financing playbooks Backup servicers counterparties Bank balance sheet capital-sources Bank regulatory considerations legal Basel III/IV capital treatment regulatory BNPL receivables asset-classes Borrowing base mechanics mechanics Breaking into ABF playbooks Bridge / fix-and-flip asset-classes Broadly syndicated loan CLOs asset-classes Build vs buy decisions operations-lifecycle Building an ABF team playbooks Building an originator pipeline playbooks Calculation agents and data agents counterparties Career paths in ABF playbooks Careers at banks playbooks Careers at credit funds playbooks Careers at originators playbooks Cash flow modeling accounting-valuation Cash operations and waterfall execution operations-lifecycle CECL and accounting considerations accounting-valuation Cell tower and data center ABS (digital infrastructure) asset-classes Choosing the right structure playbooks CMBS (conduit, SASB, large loan) asset-classes Collateral analysis accounting-valuation Collateralized loan obligations (CLOs) structures Common mistakes and how to avoid them playbooks Common negotiation mistakes playbooks Conduit and ABCP programs structures Container leases asset-classes Covenants mechanics CRE CLOs asset-classes Credit agreement and indenture documentation Credit card receivables asset-classes Credit funds and private capital capital-sources Data and analytics infrastructure operations-lifecycle Data validation and quality accounting-valuation Deal structures asset-classes Deal timeline matrix appendix Diligence guide asset-classes Distressed market playbook market-landscape DSCR investor loans asset-classes Due diligence question bank documentation Early-stage financing guide playbooks Economic terms negotiation playbooks Education and vocational receivables asset-classes Entity types and tax considerations legal Equipment leases and loans asset-classes ESG and sustainability-linked structures market-landscape Evaluating a credit fund's ABF strategy playbooks Evaluating portfolio quality and performance playbooks Fair value hierarchy accounting-valuation Family offices as ABF capital providers playbooks Family offices as ABF investors capital-sources Financial covenants mechanics Financing progression roadmap playbooks Finding capital providers market-landscape Finding legal and advisory firms market-landscape Finding the right capital partner playbooks Forward flow agreements structures Fund operations infrastructure for ABF operations-lifecycle Healthcare receivables asset-classes Hedging and interest rate mechanics mechanics Home equity and helocs asset-classes How ABF works (5-minute overview) foundations How to benchmark your deal against the market playbooks Insurance-affiliated asset managers capital-sources Investment Company Act exemptions legal Investor and SEC reporting operations-lifecycle Investor portals and integration operations-lifecycle Key counterparties for credit funds playbooks Key participants asset-classes Legal counsel counterparties Legal opinions and third-party reports documentation Managing legal costs playbooks Managing multiple facilities playbooks Mark-to-model practices accounting-valuation Market data and public datasets market-landscape Market intelligence market-landscape Market spreads guide market-landscape Marketplace lending and fintech-originated asset-classes Middle market CLOs asset-classes NAV and liquidity considerations accounting-valuation NAV facilities and subscription lines structures Navigating the deal process playbooks Negotiation strategy playbooks Non-agency RMBS / non-QM / investor-purpose asset-classes Non-performing loans (NPL) asset-classes Non-QM lending asset-classes Offering and disclosure documents documentation Ongoing portfolio management operations-lifecycle Ongoing reporting and surveillance operations-lifecycle Other counterparties counterparties Participant directory market-landscape Participation structures structures Performance metrics accounting-valuation Performance triggers mechanics Personal / unsecured consumer loans asset-classes Portfolio valuation accounting-valuation Powersports (RV, marine, motorcycle) asset-classes Premium finance asset-classes Preparing your data room playbooks Pricing and relative value accounting-valuation Pricing negotiation playbooks Primary market process market-landscape Prime jumbo asset-classes Private placement / bespoke structures structures Private placement memorandum (PPM) documentation Questions to ask your legal team playbooks Rail cars and rolling stock asset-classes Rating agencies counterparties Rating agency engagement for funds playbooks Re-performing loans (RPL) asset-classes Reading the credit cycle market-landscape Regulatory and compliance legal Reporting requirements operations-lifecycle Revenue-based financing asset-classes Revolving, prefunding, and reinvestment mechanics Sample term sheet (annotated) appendix Secondary market and liquidity market-landscape Security and pledge agreements documentation Selecting a fund administrator playbooks Selecting and working with trustees playbooks Selecting your law firm playbooks Servicer fundamentals counterparties Servicer ratings and evaluation counterparties Servicer responsibilities counterparties Servicing operations operations-lifecycle Single-family rental (SFR) asset-classes Small business loans (including SBA 7(a)) asset-classes Solar / renewable energy (PACE, PPA, solar loan) asset-classes Sourcing ABF deals playbooks Sourcing capital for your portfolio playbooks Sourcing capital for your portfolio playbooks Sourcing deals (originator perspective) playbooks Sovereign wealth funds capital-sources SPVs and bankruptcy remoteness legal Structural terms negotiation playbooks Structuring for tax-exempt investors legal Student loans (federal and private) asset-classes Subscription finance / capital call lines structures Tax classifications explained legal Technology and infrastructure operations-lifecycle Term securitization (ABS/MBS) structures Term sheet anatomy documentation The ABF ecosystem (players, roles, and how they interact) foundations The economics of ABF for originators (worked examples) playbooks The originator's readiness assessment playbooks The waterfall mechanics Timeshare receivables asset-classes Top capital provider mistakes playbooks Top deal process mistakes playbooks Top originator mistakes playbooks Trade receivables and supply chain finance asset-classes Transaction agreements documentation Transitioning between capital providers playbooks Treasury management for multi-facility originators playbooks Trigger negotiation strategies mechanics Trigger remediation strategies mechanics Triggers, tests, and performance events mechanics Trustees counterparties Understanding back leverage (LP perspective) playbooks Understanding deal fees playbooks Upsizing and facility expansion lifecycle-events US entity types for ABF legal Valuation methodologies accounting-valuation Volcker Rule implications legal Warehouse facilities structures What capital providers care about playbooks What is negotiable by structure type playbooks Whole loan sale and forward flow strategies playbooks Whole loan sales structures Wind-down lifecycle-events Working with credit funds playbooks Your loan tape: what lenders actually look at playbooks