DebtStackA Founder’s Guide to Debt Capital
DebtStack · Founder resources

A Founder’s
Guide to Debt Capital

If you run a lending business, debt is your cost of goods sold — not your financing. This is the whole facility lifecycle, from the first loans you fund out of equity to the upsize you earn: the guide I wish someone had handed me.

Start at Part 1 → Find where you are ↓

Find where you are

Foundations
01 COGS Debt is your COGS“Why should I care about debt this early?” 02 Instruments Know your instruments“What even is a warehouse vs forward flow?”
Before the raise
03 Cold start The cold startPre-facility, funding loans off the balance sheet 04 The raise Running the raiseLenders are returning your calls
The deal
05 Term sheet The term sheet, term by termA term sheet just landed in your inbox 06 True cost The true cost of capital“Wait, what does this actually cost?” 07 Sizing Size it small, negotiate on paperDeciding how big — and negotiating 08 To docs From term sheet to documentsTerm sheet signed, lawyers engaged 09 Closing Closing mechanicsClosing week
Facility live
10 Live Life with a lenderFacility live 11 The game The gameThe long game

Hover a stop to see where you are in the journey · click to jump in

The toolkit

Appendices you can steal — checklists and models built to be copied.

AComparison grid BData room CLender update DPre-signature checklist ECost model FGlossary ⚙The simulator — model a facility live

Two ground rules: every number in this guide is illustrative — chosen to teach the mechanics, not terms from any actual deal — and every facility is its own snowflake; what transfers is the machinery, and the machinery is what this guide teaches.