How a Pre-Revenue Lending SaaS Got Fundraise-Ready in Two Weeks with Bridges
Pre-Revenue, No Loan Book — and Needing to Raise Both Equity and Debt at the Same Time
A serial entrepreneur who had previously founded, scaled, and taken a company public with a nine-figure exit had every reason to step back. But as regional governments across the U.S. began committing billions of dollars to infrastructure investment, he couldn't sit still. He saw what most people missed: that local, medium-sized construction businesses would need access to cost-efficient capital to bid on contracts, mobilize crews, and bridge the gap between project awards and payment cycles. So he got the band back together and founded a digital lending platform purpose-built for the U.S. infrastructure sector.
The challenge was that he needed to raise capital before writing a single loan. That meant going to investors with no revenue, no originations, and no loan book to point to. Every assumption in the model — time to first loan, customer acquisition cost, headcount ramp, default rates — had to come from first principles and industry benchmarks rather than the company's own data.
The harder problem was that the company needed two completely different types of capital simultaneously: equity to hire the team and build the product, and a debt facility to actually fund the loans it would originate. Equity investors and debt providers ask entirely different questions. A model that tried to tell both stories in one place would answer neither. The founder needed someone who understood lending economics from the inside — not just how to build a spreadsheet.
Solution
Building a Model That De-Risks the Business for Both Equity and Debt Investors
The founder engaged Tim Salikhov — a Payments CFO with direct operating experience in small business credit, including time at Kabbage working hands-on with the economics of exactly this kind of lending. The engagement moved fast.
A Burn Discipline Framework Built Before Any Growth Assumption
Tim started by establishing the capital constraint before touching growth inputs — so every downstream assumption had to earn its place.
- Built a bottoms-up MVP team cost with zero revenue assumed
- Anchored burn to a 30-month runway rather than the standard 18, creating real discipline
- Set a hard monthly burn cap that every hiring and spend assumption had to fit inside
That constraint became the spine of the financial model — not a guardrail added at the end, but the organizing principle everything else was built around. It gave the equity story a credible foundation before a single growth assumption was made.
Separate Operating and Credit Models, Interlocked but Clean
With the burn framework set, Tim built two distinct models — one for the operating business, one for the lending engine — each with its own logic and its own audience.
- Modeled customer acquisition and headcount growth bottom-up on the operating side
- Modeled origination volume, net interest margin, and loss rates independently on the credit side
- Added base, upside, and downside scenarios to both, so investors could stress-test either without contaminating the other
That separation made each story self-contained. Equity investors could evaluate burn, hiring, and path to product-market fit without wading through credit assumptions. Debt providers could evaluate facility sizing and loss economics without getting lost in headcount sequencing.
Scenario Architecture Designed to Minimize Dilution and Optimize Terms
With both models running, Tim translated the underlying assumptions into the specific terms each capital source actually evaluates — and engineered the scenarios to protect the founders.
- Packaged equity outputs around capital efficiency, milestone logic, and Series A readiness signals
- Packaged credit outputs around facility sizing, coverage ratios, and loss-rate economics
- Built dynamic scenario modeling so the team could show exactly how much to raise, at what valuation, alongside what size debt facility — and why
The result wasn't just a defensible raise target. It was a live negotiating tool — one that let the team walk into both conversations knowing which scenarios protected dilution and which ones gave away the most.
Results
Lending SaaS Goes to Market Fundraise-Ready in Two Weeks
In two weeks, the company went from a thesis and a blank model to a fully defensible capital plan — ready to walk into both an equity raise and a debt facility conversation.
- Two capital stories, one model — equity and credit assumptions are fully interlocked but cleanly separated, so neither conversation can contradict the other
- Infrastructure-specific credit economics — loss rates, margin assumptions, and reserve logic reflect the vertical, not generic fintech benchmarks
- Dynamic scenario modeling — the team can move any input and immediately see how the raise size, dilution, and debt facility size respond
The model gives Lending SaaS what pre-revenue companies almost never have going into a raise: a defensible, re-derivable capital plan that sophisticated investors on both sides of the table can stress-test without finding a seam.