Direct Lending Pro Forma
Credit Excel Template (Free Download)
Project loan origination, portfolio yield, credit losses, funding, and fund-level returns for a direct lending strategy.
professionals from Deloitte
About this pro forma
The underlying Excel engine rolls a direct lending portfolio loan by loan, with originations, interest, fees, PIK, defaults, recoveries, covenant tests, and refinancing events flowing into projected fund income. The portfolio view preserves the mechanics needed to understand yield, loss provisioning, concentration, and cash deployment.
The pro forma converts those operating and credit assumptions into projected fund cash flow, capital-tranche distributions, IRR, and MOIC. Fund managers, LPs, lenders, and investment committees can evaluate underwriting, reserves, and downside cases from one decision output.
What every model includes
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
What's inside the Direct Lending Pro Forma
- Loan-level originations, interest, fees, and PIK projection
- Default, recovery, loss-provision, and reserve outputs
- Covenant tests, refinancing, and maturity schedule
- Senior, mezzanine, and junior capital waterfall
- Fund cash flow, IRR, MOIC, and concentration metrics
- Underwriting and downside scenario decision outputs
Formatted to IB standards
Named theme colors repaint the whole workbook in one click, on top of an investment-banking structure with clear input, output, and cross-sheet reference styling - brand-ready, institutional-grade, and fully auditable.
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Frequently asked
How is direct lending yield projected?+
Each loan contributes contractual interest, fees, and optional PIK income through its outstanding balance and terms.
How are credit losses handled?+
Default timing, recovery rates, and recovery timing flow through provisions and net portfolio returns.
Does it show tranche returns?+
Yes. Fund cash flows are distributed through senior, mezzanine, and junior capital tiers.
Who uses this pro forma?+
Direct lending managers, LPs, credit committees, and lenders use it for underwriting and portfolio planning.
Have more financial modelling questions? Contact us
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