Understand Before You Originate
A complete library on private credit and structured financing — the mechanics, the products, the case studies, and the research. Written for sponsors, advisors, and intermediaries who prefer to understand the architecture of the transactions they bring.
The Complete Structures Library
Detailed, self-contained guides on the mechanics of private credit and structured financing — from first principles to the advanced structuring of cross-jurisdictional transactions. Each guide stands on its own; read in any order.
Securities-based lending (SBL) allows a client to borrow against the value of an investment portfolio — equities, bonds, ETFs, and in some cases alternative assets — without selling those holdings. The portfolio acts as collateral, and the client draws liquidity that can be used for almost any lawful purpose: real estate acquisition, business expansion, bridge financing, or tax payments.
For an originator like Commanding Capital, the facility is provided by a capital partner. Our role is to assess the opportunity, match the sponsor to the right partner and structure, and coordinate the arrangement end to end — the client never deals with a generic product off a shelf.
The defining advantage is preservation: the client retains ownership, upside, dividends, and voting rights on the pledged assets while accessing the capital they require. The defining responsibility is that the portfolio must support the loan through market cycles — which is why structuring matters as much as the rate.
- You retain ownership of pledged assets — no forced sale, no capital gains trigger.
- Facilities are provided by capital partners; the originator structures and coordinates.
- Use of proceeds is broadly flexible, subject to the lender's terms.
Sophisticated Solutions for Sophisticated Clients
At Commanding Capital, we understand that high-net-worth clients worldwide require more than standard financing products. Our structured solutions are crafted with the precision your portfolio deserves.
Maintain Market Exposure
Keep your investments working for you while accessing the liquidity you need.
Competitive Rates
Rates starting at 4.9% APR, significantly lower than traditional personal loans or margin accounts.
Fast Funding
Get approved in hours and funded within 24-48 hours. No lengthy waiting periods.
No Forced Liquidation
Generous maintenance margins and proactive alerts help protect your portfolio.
Flexible Repayment
Interest-only payments available. Repay on your schedule with no prepayment penalties.
Tax Efficient
Potentially defer capital gains by borrowing instead of selling appreciated securities.
Bespoke Capital Structures
We originate a range of structured financing solutions — connecting sponsors to capital partners for liquidity, monetisation, and strategic flexibility. Each structure is arranged with a regulated capital partner; we qualify, structure, and coordinate the mandate end to end.
Securities-Backed Credit Facilities
Access liquidity against a listed portfolio without triggering a sale. A capital partner provides the facility; we originate and structure the arrangement — unlocking capital while the sponsor retains market exposure and potential upside, with no forced liquidation.
- Loan-to-Value up to 70%
- Competitive variable rates
- Funded within 24–48 hours
- Interest-only options available
Variable Prepaid Forward Contracts
A hedging and monetisation strategy for concentrated equity positions. A Variable Prepaid Forward (VPF) delivers an upfront cash payment today while deferring the delivery of shares — and potential tax obligations — to a future date, with built-in flexibility on the final settlement price.
- Monetise concentrated positions
- Defer capital gains exposure
- Retain partial upside participation
- Customisable settlement terms
Equity Commitment Facility
A committed equity facility securing access to capital at agreed terms for future deployment — ideal for sponsors who anticipate liquidity needs and wish to lock in favourable conditions in advance.
- Pre-agreed facility terms
- Flexible drawdown schedule
- Certainty of capital access
- Bespoke structuring available
How We Handle Digital Collateral
Cryptocurrencies and tokenised assets are an accepted collateral class within our structured financing — but only under the same institutional discipline we apply to any other asset. Security, custody, and legal enforceability are non-negotiable, and we bring the same professional, measured approach that defines every Commanding Capital engagement.
Institutional Custody
Collateral is held with regulated, tier-one custodians and qualified depositories. We do not self-custody client assets, and segregated accounts keep holdings legally and operationally distinct from our own balance sheet at all times.
Segregation & Security
Wallets and accounts are segregated, access is multi-signature with hardware-backed controls, and movement requires multiple independent approvals. Cold storage is used wherever the holding period allows, reducing exposure to hot-wallet compromise.
Valuation & Haircuts
Positions are marked to liquidation value against deep order books, with conservative haircuts reflecting realised volatility and a stressed liquidation scenario. Loan-to-value ratios are monitored continuously, with transparent margin calls executed well before distress.
Legal & Regulatory
Every facility is documented under enforceable security agreements, with perfected security interests and clear title. We work with specialist counsel across jurisdictions to ensure collateral is properly pledged and recoverable in an adverse scenario.
Our Commitment
- We never take title of client collateral — it remains pledged, not transferred.
- Counterparties are vetted institutional custodians, exchanges, and depositories — not unregulated venues.
- Structures are sized to absorb multi-standard-deviation drawdowns before any margin event.
- Every engagement is governed by a written security and custody protocol the sponsor reviews in advance.
The Process
Case Studies in Structured Origination
Representative engagements illustrating how sponsors and intermediaries have secured structured capital through our origination network while preserving their underlying positions.
Our Approach to Discretion
Confidentiality is foundational to our firm. The scenarios below are representative composites drawn from real engagements — identifying details have been intentionally generalized. Each mandate is conducted under strict non-disclosure, on a relationship-managed basis. We never disclose client names, holdings, or transaction specifics.
Client 01
Real Estate Sponsor
New York, NY
Founder with a $12M concentrated equity portfolio seeking capital for a commercial property acquisition.
Challenge
Needed $4M in short-term capital to close on a prime development site, without triggering a taxable sale of appreciated tech holdings.
Solution
Originated a securities-backed credit facility with a capital partner at 65% LTV, secured against a diversified equity portfolio.
Outcome
Funded within 36 hours. Retained full market exposure and deferred an estimated $920K in capital gains taxes.
Client 02
Sponsor / Operator
London, UK
Operator with $8M in blue-chip equities preparing to fund a new venture without diluting existing positions.
Challenge
Required $2.5M in growth capital for a new business while preserving long-term holdings and avoiding equity dilution.
Solution
Originated a flexible, interest-only credit facility with a capital partner at 70% LTV, secured against dividend-paying equities.
Outcome
Drew funds on-demand across three tranches. Maintained dividend income and upside on the underlying securities.
Client 03
Family Office
Dubai, UAE
Multi-generational family office managing $40M across global equities, bonds, and ETFs.
Challenge
Sought $10M in liquidity to rebalance into private credit while keeping the core public portfolio intact.
Solution
Originated a blended-collateral facility with a capital partner across equities and investment-grade bonds at an aggregate 60% LTV.
Outcome
Seamless cross-asset pledge enabled the reallocation. Proactive monitoring prevented any forced liquidation.
Case studies are illustrative and based on composite engagements. Individual results vary. Figures shown are for informational purposes and do not constitute investment advice or a guarantee of future results.
Recognized in the Financial Press
Third-party coverage and announcements reflecting our track record of closed transactions and institutional growth. While client mandates remain confidential, our work is frequently recognized across leading financial publications.
Commanding Capital Closes Landmark Securities-Backed Credit Facility for Cross-Border Sponsor
A multi-jurisdictional financing solution enabling a global real estate sponsor to access liquidity without divesting core holdings.
Commanding Capital Structures Bespoke Liquidity Line for Family Office Reallocation
A blended-collateral credit facility supporting a $40M portfolio repositioning into private credit allocations.
Commanding Capital Expands Lending Platform into Latin American Markets
Strategic extension of securities-based lending capabilities to serve accredited investors across key Latin American financial centres.
For media inquiries and press credentials, contact our communications team at enquiries@commandingcapital.com.
Key Terms in Structured Finance
Clear definitions of the structures, collateral concepts, credit mechanics, and regulatory terms that shape the transactions we originate. Search or filter to find what you need.
Definitions are for educational purposes only and are not investment, legal, or tax advice. Specific structures vary by jurisdiction and counterparty.
How We Safeguard Assets
Structured financing is, above all, a discipline of collateral. Every facility we originate is built on a rigorous, institutional-grade framework designed to protect client assets through the full lifecycle of the transaction — from initial diligence to close-out.
100%
Client collateral segregated from proprietary assets
8
Risk disciplines applied to every facility we originate
Multi-jurisdiction
Security perfected across every relevant market
Institutional-Grade Due Diligence
Every counterparty and facility is vetted through a multi-stage diligence process covering financial standing, collateral quality, ownership structure, and source of funds — before any commitment is made.
Conservative LTV & Margin Policy
Facility sizing applies disciplined loan-to-value ratios and asset-specific haircuts that account for volatility, liquidity, and concentration, leaving a substantial buffer against collateral value declines.
Continuous Collateral Monitoring
Marked-to-market positions are monitored daily. Maintenance margins and trigger thresholds are pre-agreed in documentation so that corrective actions — additional collateral or partial repayment — are automatic and unambiguous.
Segregated & Ring-Fenced Assets
Client collateral is held separately from proprietary assets, with clear title and account segregation, so pledged securities are identifiable and protected in every market we operate in.
Cross-Border Security Perfection
Where collateral sits across jurisdictions, security is perfected simultaneously in each relevant market through vetted local counsel and custodians — closing gaps that could otherwise leave assets exposed.
Neutral, Non-Custodial Role
We are an origination firm, not a custodian or investment advisor. Capital providers and custodians remain independent, preserving neutral alignment and removing conflicts of interest from the structure.
Defined Default & Close-Out
Documentation — built on recognised industry standards such as GMRA — sets out the events that constitute default and the close-out mechanics, giving all parties legal certainty and predictability.
Standardised Documentation
We work from established master agreements and recognised industry frameworks, reducing ambiguity, accelerating execution, and ensuring every facility meets institutional legal and regulatory expectations.
This overview is for educational purposes only and does not constitute investment, legal, or tax advice. Specific risk frameworks and documentation vary by jurisdiction, counterparty, and facility type.
Knowledge That Minimizes Risk
The most effective risk mitigation is an informed sponsor. Our education hub distills the mechanics of private credit and structured financing — including how thoughtful pricing structures, appropriate loan-to-value ratios, and flexible terms work together to reduce downside exposure.
Lower LTV
Conservative loan-to-value ratios create a natural buffer against collateral volatility.
Flexible Terms
Interest-only and customized repayment schedules align debt service with your liquidity.
Transparent Pricing
Clear, all-in cost structures eliminate hidden fees that erode returns over time.
Securities-Based Lending Fundamentals
A primer on how portfolio-backed credit works, key terminology, and how it differs from traditional margin lending.
Pricing Structures & Risk Mitigation
How loan-to-value ratios, interest rates, and flexible terms work together — and how smarter pricing structures minimize downside risk for borrowers.
Managing Collateral in Volatile Markets
Strategies for maintaining appropriate buffers, understanding margin calls, and protecting long-term positions during market drawdowns.
Borrowing Power & Liquidity Planning
A practical framework for sizing a credit facility against your portfolio and aligning repayment with your liquidity timeline.
Tax Efficiency of Credit vs. Liquidation
How borrowing against appreciated assets can preserve unrealized gains and defer capital gains exposure compared to selling.
Structuring Cross-Jurisdictional Facilities
Considerations for multi-asset, multi-jurisdiction portfolios and how bespoke credit structures accommodate complex holdings.
Continue Your Research
The library above is the foundation. For the structures, case studies, and questions behind it, explore the dedicated sections below.
Intelligence from the Commanding Desk
Receive quarterly analysis on structured financing, liquidity strategy, and private credit markets — written for institutional and accredited investors who value discretion and depth.
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