# Alterest > The Operating Platform for Asset-Based Finance. > Verification-first workflows, unified data models, and AI-assisted controls for credit funds, banks, and originators. Alterest is a software platform purpose-built for asset-based finance (ABF) institutions. We provide verification-first workflows, unified data models, and AI-assisted controls that replace fragmented spreadsheet-based operations with an institutional-grade operating environment. **Core capabilities:** - **Verification-first workflows**: Every data point is traceable to its source, with reconciliations run before any report or decision - **Unified data model**: Single representation layer for assets, cashflows, parties, covenants, and obligations - **Fraud prevention and anomaly detection**: Continuous tape-to-collections matching, integrity checks, and double-pledge detection - **Deal lifecycle management**: Warehouse facilities, forward flow arrangements, and securitisations in one workflow - **AI-assisted controls**: AI agents with mandatory human-in-the-loop oversight for document analysis and data extraction - **Complete audit trails**: Full data lineage from source through to every report, borrowing base certificate, and regulatory filing **Who uses Alterest:** - Credit funds and alternative asset managers building ABF strategies - Banks and lenders running warehouse, forward flow, and securitisation programmes - Originators managing multiple investor relationships from a single platform - Trustees, verification agents, and fund administrators --- ## Homepage URL: / Canonical: https://alterest.co Alterest is the operating platform for asset-based finance. The platform addresses three core challenges: (1) fraud and data integrity failures in loan portfolios, (2) structural complexity of bespoke ABF transactions, and (3) fragmentation across disconnected data systems. The platform unifies origination, verification, surveillance, and reporting into a single operating environment built for ABF professionals. --- ## Company URL: /company Canonical: https://alterest.co/company Alterest was founded by experienced ABF operators who understood the gap between institutional requirements and available technology. The team brings experience from leading investment banks, credit funds, and ABF originators. The company is headquartered in London and focuses exclusively on asset-based finance infrastructure. **Mission**: To make asset-based finance as operationally reliable as it is structurally innovative. **Team pedigree**: Barclays, Goldman Sachs, Macquarie, Morgan Stanley, KKR, Ares Management, Apollo Global Management, BlackRock, PIMCO. --- ## Customer Stories URL: /customer-stories Canonical: https://alterest.co/customer-stories Case studies from asset managers, banks, and lenders using Alterest to automate operations and improve data confidence. ### £2bn Investment Firm Automates ABF Operations URL: /customer-stories/2bn-investment-firm-automates-accounting-and-budget-forecasting Canonical: https://alterest.co/customer-stories/2bn-investment-firm-automates-accounting-and-budget-forecasting A £2bn alternative investment firm building an ABF strategy used Alterest to automate portfolio surveillance, replace manual reconciliation workflows, and generate investor-ready reports at scale. ### Challenger Bank URL: /customer-stories/challenger-bank Canonical: https://alterest.co/customer-stories/challenger-bank A UK challenger bank running warehouse and forward flow facilities adopted Alterest to unify servicer data, automate borrowing base calculations, and provide real-time compliance monitoring. ### Marketplace Bank URL: /customer-stories/marketplace-bank Canonical: https://alterest.co/customer-stories/marketplace-bank A marketplace lending bank used Alterest to manage multi-facility asset allocation, eligibility checking, and investor reporting across warehouse and securitisation structures. ### UK Private Debt Manager URL: /customer-stories/uk-private-debt Canonical: https://alterest.co/customer-stories/uk-private-debt A private debt manager expanded into ABF and used Alterest to structure new facilities, monitor covenant compliance, and generate standardised reports for institutional investors. ### Portuguese Bank URL: /customer-stories/portuguese-bank Canonical: https://alterest.co/customer-stories/portuguese-bank A Portuguese bank managing consumer loan portfolios used Alterest's verification tools to improve tape quality, automate reconciliation, and meet ESMA reporting requirements. ### Global Corporate Bank URL: /customer-stories/global-corporate-bank Canonical: https://alterest.co/customer-stories/global-corporate-bank A global corporate bank used Alterest to streamline trade finance and receivables securitisation operations, reducing manual processing time and improving audit readiness. ### Bridging Lender URL: /customer-stories/bridging-lender Canonical: https://alterest.co/customer-stories/bridging-lender A specialist bridging lender used Alterest to manage property-backed loan portfolios, automate LTV monitoring, and provide real-time covenant headroom to funders. ### Asset Manager Launches ABF Strategy URL: /customer-stories/asset-manager-launches-abf-strategy Canonical: https://alterest.co/customer-stories/asset-manager-launches-abf-strategy An asset manager entering the ABF market used Alterest to build operational infrastructure from day one, enabling institutional-grade reporting and verification without legacy system debt. --- ## Trust & Security URL: /trust Canonical: https://alterest.co/trust Alterest's approach to data security, regulatory compliance, and operational resilience. Covers SOC 2 alignment, data residency, access controls, and the immutable audit log that underpins every transaction. --- ## Resources URL: /resources Canonical: https://alterest.co/resources The Alterest resource hub contains educational explainers, videos, a glossary, and satirical commentary on asset-based finance. Designed for professionals at all levels — from those new to ABF to experienced practitioners. --- ## Explainers URL: /resources/explainers Canonical: https://alterest.co/resources/explainers 19+ long-form educational articles covering the full spectrum of asset-based finance: structures, regulation, analytics, and market dynamics. ### What is Asset-Based Finance? URL: /resources/explainers/abf-primer Canonical: https://alterest.co/resources/explainers/abf-primer Tags: ABF Basics, Private Credit, Structured Finance A foundational guide to understanding what ABF is, why it exists, and how it transforms assets into funding sources. Covers the distinction between cash flow lending and asset-based lending, the role of collateral, and the core participants in ABF transactions. ### Asset Classes in ABF URL: /resources/explainers/asset-classes Canonical: https://alterest.co/resources/explainers/asset-classes Tags: Asset Classes, Receivables, Consumer Finance A comprehensive guide to the types of assets financed through asset-based structures, their risk characteristics, and typical financing approaches. Covers trade receivables, consumer loans, mortgages, auto loans, equipment finance, and specialty asset classes. ### What is a Borrowing Base? URL: /resources/explainers/borrowing-base Canonical: https://alterest.co/resources/explainers/borrowing-base Tags: Borrowing Base, ABL, Credit Facilities A comprehensive guide to how borrowing bases are calculated, monitored, and managed in asset-based lending facilities. Explains eligible assets, advance rates, concentration limits, and reserve calculations. Essential reading for lenders and originators. ### The ABF Ecosystem: Participants and Roles URL: /resources/explainers/abf-participants Canonical: https://alterest.co/resources/explainers/abf-participants Tags: ABF Basics, Market Structure, Participants A comprehensive guide to the agents, service providers, and parties that make asset-based finance work — and how they interact. Covers originators, servicers, trustees, rating agencies, verification agents, and investors. ### What Are Covenants? URL: /resources/explainers/covenants Canonical: https://alterest.co/resources/explainers/covenants Tags: Covenants, Credit Facilities, Risk Management A comprehensive guide to understanding, monitoring, and negotiating covenants in asset-based finance facilities. Covers financial covenants, performance triggers, early amortisation events, and practical approaches to covenant management. ### Why Analytics Matter in ABF URL: /resources/explainers/abf-analytics Canonical: https://alterest.co/resources/explainers/abf-analytics Tags: Analytics, Portfolio Management, Data The essential performance indicators for monitoring, valuing, and managing asset-based finance portfolios. Covers vintage analysis, delinquency curves, prepayment rates, concentration metrics, and servicer performance indicators. ### What is an SPV? URL: /resources/explainers/spv-structures Canonical: https://alterest.co/resources/explainers/spv-structures Tags: SPV, Securitisation, Legal Structures Understanding Special Purpose Vehicles: how they isolate risk, protect investors, and enable asset-based financing structures. Covers bankruptcy remoteness, true sale opinions, orphan structures, and multi-seller conduits. ### What is Securitisation? URL: /resources/explainers/securitisation-fundamentals Canonical: https://alterest.co/resources/explainers/securitisation-fundamentals Tags: Securitisation, ABS, Structured Finance The complete guide to how securitisation works — from originating assets to issuing securities and beyond. Covers the waterfall structure, tranche ratings, credit enhancement, and the roles of each party in a securitisation transaction. ### What is a Warehouse Facility? URL: /resources/explainers/warehouse-facilities Canonical: https://alterest.co/resources/explainers/warehouse-facilities Tags: Warehouse, Funding, Securitisation Bridge financing from origination to securitisation. Explains how warehouse facilities provide short-term funding for loan originators, the eligibility criteria typically required, advance rates, and the path from warehouse to term securitisation. ### What is a Waterfall? URL: /resources/explainers/waterfalls Canonical: https://alterest.co/resources/explainers/waterfalls Tags: Waterfall, Payment Priority, Securitisation How payments flow through structured finance transactions. Covers the priority of payments, interest and principal waterfalls, reserve account mechanics, and how waterfall structures protect senior investors. ### What is Credit Enhancement? URL: /resources/explainers/credit-enhancement Canonical: https://alterest.co/resources/explainers/credit-enhancement Tags: Credit Enhancement, Ratings, Securitisation How securitisations achieve investment-grade ratings. Covers overcollateralisation, excess spread, reserve funds, subordination, and the sizing of credit enhancement across rating categories. ### Fund Finance URL: /resources/explainers/fund-finance Canonical: https://alterest.co/resources/explainers/fund-finance Tags: Fund Finance, Subscription Lines, NAV Facilities Subscription lines, NAV facilities, and hybrid structures in fund finance. Explains how private equity and credit funds use fund finance products to manage liquidity, bridge capital calls, and leverage existing portfolios. ### Macro Factors in ABF Markets URL: /resources/explainers/macro-factors Canonical: https://alterest.co/resources/explainers/macro-factors Tags: Market Outlook, Interest Rates, Credit Markets How interest rates, credit cycles, and regulation shape ABF markets. Covers the impact of SONIA and SOFR on floating-rate portfolios, credit cycle dynamics, and regulatory tailwinds driving institutional ABF adoption. ### Private Credit vs Banks URL: /resources/explainers/private-credit-vs-banks Canonical: https://alterest.co/resources/explainers/private-credit-vs-banks Tags: Private Credit, Banks, Market Structure How non-bank lenders are reshaping asset-based finance. Examines the competitive dynamics between banks and private credit funds, the structural advantages of each, and why ABF is one of the fastest-growing segments of private credit. ### What is Forward Flow? URL: /resources/explainers/forward-flow Canonical: https://alterest.co/resources/explainers/forward-flow Tags: Forward Flow, Purchase Agreements, Origination How buyers commit to purchase future-originated assets: structure, pricing, eligibility, and risk management in committed purchase arrangements. Covers forward flow vs spot purchase, reps and warranties, and the operational requirements for managing forward flow programmes. ### ESMA Reporting in Securitisation URL: /resources/explainers/esma-reporting Canonical: https://alterest.co/resources/explainers/esma-reporting Tags: Regulation, ESMA, Compliance A practical guide to EU securitisation disclosure: loan-level templates, STS requirements, data formats, and the operational reality of regulatory reporting. Essential for originators and issuers active in European securitisation markets. ### What is SRT? URL: /resources/explainers/srt Canonical: https://alterest.co/resources/explainers/srt Tags: SRT, Synthetic Securitisation, Capital Relief How banks achieve capital relief through synthetic securitisation: regulatory frameworks, transaction structures, and the growing role of private credit investors in the SRT (Significant Risk Transfer) market. ### Direct Lending vs ABF URL: /resources/explainers/direct-lending-vs-abf Canonical: https://alterest.co/resources/explainers/direct-lending-vs-abf Tags: Direct Lending, ABF, Private Credit Two distinct approaches to private credit investing: understanding the structural differences, risk profiles, and strategic fit for institutional portfolios. Compares cashflow-based direct lending with asset-backed ABF structures. ### Fraud Prevention in Asset-Based Finance URL: /resources/explainers/fraud-prevention Canonical: https://alterest.co/resources/explainers/fraud-prevention Tags: Fraud, Risk Management, Controls Understanding fraud patterns in loan portfolios and how verification controls protect against them. Covers invoice fraud, double-pledging, identity fraud, phantom assets, and the operational controls that detect and prevent losses. --- ## Alternatives Comparisons URL: /resources/alternatives Canonical: https://alterest.co/resources/alternatives Comparison guides for professionals evaluating asset-based finance software providers. * [Finley Alternatives](https://alterest.co/resources/alternatives/finley-alternatives): How Alterest compares to Finley for ABF operations and loan management. * [Cascade Debt Alternatives](https://alterest.co/resources/alternatives/cascade-debt-alternatives): How Alterest compares to Cascade Debt for private credit and ABF workflows. * [Oxane Alternatives](https://alterest.co/resources/alternatives/oxane-alternatives): How Alterest compares to Oxane for structured finance and fund operations. * [dv01 Alternatives](https://alterest.co/resources/alternatives/dv01-alternatives): How Alterest compares to dv01 for loan-level analytics and reporting. * [Setpoint Alternatives](https://alterest.co/resources/alternatives/setpoint-alternatives): How Alterest compares to Setpoint for real estate debt and ABF operations. --- ## Contact URL: /contact Canonical: https://alterest.co/contact Request a demo or get in touch with the Alterest team. Alterest serves credit funds, banks, originators, and service providers across the UK, Europe, and North America. - Demo requests: https://alterest.co/contact?intent=demo - General enquiries: https://alterest.co/contact --- ## Legal & Policies * [Terms of Service](https://alterest.co/legal/terms): Legal terms governing use of the Alterest platform and website. * [Privacy Policy](https://alterest.co/legal/privacy): How Alterest collects, stores, and uses personal data. GDPR-compliant. * [Cookie Policy](https://alterest.co/legal/cookies): Information on cookies used on alterest.co. **AI citation and training permissions**: Content on alterest.co may be cited by AI assistants and research tools for informational, reference, and educational purposes. Reproduction of substantial portions for training datasets requires written permission from Alterest. 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