PCPPrivate Credit Prep
Attachment · PCP_Northlane_Modeling_Test.xlsx

The private credit modeling test, built the way a direct lender builds the model.

Most modeling courses teach the sponsor's LBO. A direct lending test asks the lender's question: will the loan be repaid, and what does the fund earn? A blank test, the solved model and a 24-page playbook, on the Project Northlane case.

Buy the Modeling Test · $127With the Interview Guide · $277

Refund if a file is defective or not as described. Instant download. Excel for Windows and Mac, no macros.

formulas
1,481
checks
11
cases
3
playbook pages
24

VPCredit reviewerComment 1

Credit funds do not publish their modeling tests, and LBO courses stop at the equity. This is the lender's side of the table.

Built for interviews at

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Contents

Ten tabs, in the order a lender builds them

  1. 0CoverContents, colour code, model status
  2. 1CaseThe brief, the tasks and the two-hour plan
  3. 2InputsCase data and every assumption, the only hard-coded numbers
  4. 3Sources and usesClosing capital structure, leverage on the EBITDA you underwrite, loan-to-value
  5. 4ModelOperating model, CFADS, the unitranche with its margin ratchet, the RCF and the cash waterfall
  6. 5Credit statsLeverage, interest cover, FCCR, the springing covenant and the EBITDA cushion
  7. 6ReturnsThe unitranche IRR with OID and call protection, to maturity and refinanced in year 3
  8. 7ScenariosManagement, lender and downside cases side by side
  9. 8IC summaryOne page for the credit committee, with the recommendation
  10. 9ChecksEleven integrity checks that must all read OK
Tab 4 of the solved model: operating model, CFADS and debt schedule
Tab 4, as delivered: operating model, CFADS and the unitranche.
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Three files

What you download

Excel

The test, blank

The case data and a two-hour brief. Every cell you have to build is highlighted, with a hint in its comment, and tab 9 tells you as soon as your model ties.

Excel

The solved model

1,481 formulas, no hard-coded numbers inside them, three cases you switch with one cell. Ctrl + [ takes any figure back to its source.

PDF, 24 pages

The playbook

Twelve steps, each with the exact formula and its result, the lender logic behind it, the trap to avoid, Windows and Mac shortcuts, and the questions asked after the test.

Tab 8: the one-page investment committee summary
Tab 8: the page for the credit committee.
Tab 5: leverage, cover and the springing covenant
Tab 5: leverage, cover and the covenant.
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Terms

One payment, the files are yours

Summary of termsPrivate Credit Prep
Product
Private Credit Modeling Test
Price
$127 one payment
With the guide
$277 for the Interview Guide and the Modeling Test
Contents
Blank test (Excel), solved model (Excel), playbook (PDF, 24 pages)
Format
Excel for Windows and Mac, no macros; printable PDF
Delivery
Instant download after checkout, through Gumroad
Refunds
Refund if a file is defective or not as described. Report it within 14 days with your order number and what is wrong. The file is replaced within 5 business days, or the order is refunded.
Support
support@privatecreditprep.com
Buy the Modeling Test · $127With the guide · $277

Preparing for the interview itself? The Interview Guide has the 80 questions and the three cases.

Questions before buying

  1. YOUHow is this different from an LBO modeling course?

    PCP
    An LBO course models the sponsor's equity return. This models the lender's question: repayment, interest cover, covenant headroom and the fund's IRR, which is what a direct lending test grades.

  2. YOUDo I need the Interview Guide?

    PCP
    No. The case, Project Northlane, comes from the guide's case studies, so they work well together, and the two together cost $277 instead of buying both separately.

  3. YOUWhich Excel do I need?

    PCP
    Any recent Excel, on Windows or Mac. No macros, no add-ins; the shortcuts in the playbook are given for both.

  4. YOUHow long does it take?

    PCP
    Three to four hours the first time, with the hints and the playbook open. Then two hours against the clock, which is the format of the test itself.

  5. YOUCan I get a refund?

    PCP
    If a file is missing, will not open or differs from what this page describes, yes. Report it within 14 days with your order number and what is wrong. The file is replaced within 5 business days, or the order is refunded. The files arrive instantly, so a change of mind after download is not refunded. Write to support@privatecreditprep.com. Refund policy.

  6. YOUWho built it?

    PCP
    A private credit analyst on a direct lending deal team, the same author as the Interview Guide. About.
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