Before you raise debt, know which question each lender is asking

The most useful preparation before raising debt has nothing to do with your deck.

It is understanding that a bank, a credit fund and a family office are each answering a different question about your business.

• A bank is asking what its capital rules allow it to hold. Lowest pricing in the market, the most structured covenant packages.
• A credit fund is asking what it can underwrite. Cash flow, asset value, or recurring revenue if you are a software business.
• A family office, per UBS's 2026 survey of 307 offices, is usually not lending directly at all. Private credit sits at around 3% of the average portfolio and mostly arrives through funds.

A borrower who walks in already knowing which question is being asked gets a faster, better-structured outcome. Not because the lender changed, but because the conversation started in the right place.

That preparation is most of what Significa Capital does across MENA and Europe.