Companion files · The Private Markets Career Guides
A Relationship Manager's Guide to Middle-Market Commercial Lending: Prospecting, Cash Flow, Structuring, Covenants, Collateral, Credit Committee, Workouts and the Career.
These are the companion files of the book. One workbook rebuilds the Kessworth case, the fictional family-owned manufacturer the book follows from the first call to a covenant breach and its amendment: the acquisition financing, the borrowing base and the pricing grid, the cash flow and fixed charge coverage, the quarterly leverage test, the collateral and the economics of the relationship for the bank. A toolkit holds the checklists of Appendix B in an editable form.
The archive holds the workbook, the toolkit and 00_START_HERE.md. No macros, no circular references, no external links. The workbook recalculates in Excel, LibreOffice or Google Sheets.
Chapters 2, 5 to 8 and 12 to 14
One Inputs sheet holds every assumption: the acquisition, the facilities and pricing grid, covenants, operating figures, quarter-end balances, the amendment, collateral and relationship economics. Sheets for the deal, the cash flow, the covenant test, the collateral and the relationship, and a Checks sheet that puts the figures printed in the book beside the cells that compute them.
Download the workbook18 KBAppendix B
Prospect research, first meeting questions, due diligence request list, credit memo outline, term sheet and closing checklists, annual review, early warning signs and the first steps after a covenant breach.
Download the toolkit41 KBRead first
What each file holds, which sheet answers which chapter, and the two inputs to change first.
Download the read-me2 KB| At close | $41.0 million of senior debt on $18.4 million of pro forma EBITDA: leverage of 2.23x against a 3.00x covenant |
| The breach | Leverage of 3.17x at the end of 2025 and a fixed charge coverage of 1.20x against 1.25x |
| The relationship | A pre-tax return of 19.5 percent on allocated capital at origination, 12.3 percent for the loan alone |
The files are provided as they are, without warranty of any kind. The model is illustrative: Harrowgate Commerce Bank, Kessworth Industrial Controls and every other name in the case are fictional, the model is simplified, and the figures are the book’s assumptions, not market terms or forecasts. Nothing here is lending, investment, legal, tax or accounting advice.