Complex Debt Financing,
Solved.
B/T Advisory is a debt capital advisory firm bringing institutional-grade lending expertise to entrepreneurs, investors, family offices & businesses — helping you navigate complex debt financing with independence from lenders, no product agenda, and no conflicts. We work exclusively for you.
B/T Advisory is a debt capital advisory firm bringing institutional-grade lending expertise to entrepreneurs, investors, family offices & businesses — helping you navigate complex debt financing with independence from lenders, no product agenda, and no conflicts. We work exclusively for you.
20+
Years Experience
$1.7B
Debt Capital Advised
750+
Lending Partners
Complex Debt Financing,
Solved.
B/T Advisory is a debt capital advisory firm bringing institutional-grade lending expertise to entrepreneurs, investors, family offices & businesses — helping you navigate complex debt financing with independence from lenders, no product agenda, and no conflicts. We work exclusively for you.
20+
Years Experience
$1.7B
Debt Capital Advised
750+
Lending Partners
OUR SERVICES
Financing Solutions for Complex Situations
OUR SERVICES
Financing Solutions for Complex Situations
OUR SERVICES
Financing Solutions for Complex Situations
Typical loan sizes range from
Typical loan sizes range from
Typical loan sizes range from
$5M to $75M+
$5M to $75M+
$5M to $75M+
Creating Liquidity
Creating Liquidity
LP/GP Interests
Concentrated Stock
NAV Loans
Complex Balance Sheets
LP/GP Interests
Concentrated Stock
NAV Loans
Complex Balance Sheets
Business Strategy
Business Strategy
Bridge Loans
M&A Financing
Refinancings
Shareholder Buyouts
Bridge Loans
M&A Financing
Refinancings
Shareholder Buyouts
Activating Growth
Activating Growth
Growth Capital
Capital Improvements
Working Capital
Venture Debt
Growth Capital
Capital Improvements
Working Capital
Venture Debt
Business Exit
Business
Exit
Recapitalizations
Shareholder Liquidity
Special Situations
Management Buyouts
Recapitalizations
Shareholder Liquidity
Special Situations
Management Buyouts
Why B/T Advisory
Better Access to Capital
Better Access to Capital
With 20+ years structuring complex transactions, we know what lenders want to see. We get you to the right table, with the right story, faster.
With 20+ years structuring complex transactions, we know what lenders want to see. We get you to the right table, with the right story, faster.
Built for Speed
Built for Speed
Knowing who to call — and how to position your deal — compresses timelines. We leverage our lender relationships and structuring experience to move quickly without compromising terms.
Knowing who to call — and how to position your deal — compresses timelines. We leverage our lender relationships and structuring experience to move quickly without compromising terms.
Knowing who to call — and how to position your deal — compresses timelines. We leverage our lender relationships and structuring experience to move quickly without compromising terms.
Independent Advice
Independent Advice
We have no loan products to sell and no lender relationships to protect. Every recommendation we make is driven entirely by what's right for your situation.
Unlike lenders or investment banks, we are independent. Our role is to
help you find the best solution —not sell you a product.
Unlike lenders or investment banks, we are independent. Our role is to help you find the best solution —not sell you a product.
The Right Lender for Your Deal
The Right Lender for Your Deal
With extensive relationships across banks, credit funds, and direct lenders, we know who to approach to get the best outcome.
With thousands of banks and private lenders available, identifying the
right partner is challenging. We simplify the process.
With thousands of banks and private lenders available, identifying the right partner is challenging. We simplify the process.
FOR WEALTH ADVISORS
Your Lending Partner.
Not Your Competitor.
FOR WEALTH ADVISORS
Your Lending Partner.
Not Your Competitor.
FOR WEALTH ADVISORS
Your Lending Partner.
Not Your Competitor.
We bring lending expertise most wealth advisory firms don't have in-house. We work alongside advisors as a specialist resource — helping your clients navigate complex lending decisions while you retain the relationship.
We bring lending expertise most wealth advisory firms don't have in-house. We work alongside advisors as a specialist resource — helping your clients navigate complex lending decisions while you retain the relationship.
We bring lending expertise most wealth advisory firms don't have in-house. We work alongside advisors as a specialist resource — helping your clients navigate complex lending decisions while you retain the relationship.
WE WORK WITH
WE WORK WITH
WE WORK WITH
RIAs
RIAs
Multi-Family Offices
Multi-Family Offices
Independent Advisors
Independent Advisors
National Private Banks
National Private Banks
100% Independent
100% Independent
We are not affiliated with any bank or lender. Every recommendation is made solely in your client's best interest — no product incentives, no hidden conflicts.
We are not affiliated with any bank or lender. Every recommendation is made solely in your client's best interest — no product incentives, no hidden conflicts.
You Keep the Relationship
You Keep the Relationship
We operate as a behind-the scenes specialist. You introduce us, we deliver expertise — your client stays yours throughout and after the engagement.
We operate as a behind-the scenes specialist. You introduce us, we deliver expertise — your client stays yours throughout and after the engagement.
Specialist Expertise
Specialist Expertise
We bring expertise most wealth advisory firms don't have in-house. Lending against concentrated public stock, private stock, LP/GP interests, alternative investments, and growth stage businesses requires deep specialization.
We bring expertise most wealth advisory firms don't have in-house. Lending against concentrated public stock, private stock, LP/GP interests, alternative investments, and growth stage businesses requires deep specialization.
Our Process
Our Process
From getting to know your needs to securing and executing the right solution, we guide you through each step with a strategic, hands-on approach—keeping everything aligned with your goals along the way.
From getting to know your needs to securing and executing the right solution, we guide you through each step with a strategic, hands-on approach—keeping everything aligned with your goals along the way.
From getting to know your needs to securing and executing the right solution, we guide you through each step with a strategic, hands-on approach—keeping everything aligned with your goals along the way.
Discovery
We begin with a comprehensive understanding of your financial situation and borrowing needs.
We begin with a comprehensive understanding of
your financial situation and borrowing needs.
Strategy
We develop a tailored financing strategy based on your goals and capital structure.
We develop a tailored financing strategy based
on your goals and capital structure.
Sourcing
We leverage our network to identify lenders and negotiate competitive terms.
We leverage our network to identify lenders and
negotiate competitive terms.
Execution
We manage the entire process from application through closing to ensure a smooth outcome.
We manage the entire process from application
through closing to ensure a smooth outcome.
Case Studies
Case Studies
The following represents a selection of transactions advised by B/T Advisory’s founder.
The following represents a selection of transactions advised by B/T Advisory’s founder.
The following represents a selection of transactions advised by B/T Advisory’s founder.
All client details have been anonymized.
Venture-Backed Technology Startup Founder
WHO
WHO
Founder of a VC-backed technology company holding significant illiquid equity
Founder of a VC-backed technology company holding significant illiquid equity
Founder of a VC-backed technology company holding significant illiquid equity
WHAT
WHAT
$8,000,000 personal credit facility
$8,000,000 personal credit facility
$8,000,000 personal credit facility
WHY
WHY
Sought personal liquidity without
executing a secondary sale of company stock — preserving upside and avoiding signaling risk
Sought personal liquidity without
executing a secondary sale of company stock — preserving upside and avoiding signaling risk
Sought personal liquidity without
executing a secondary sale of company stock — preserving upside and avoiding signaling risk
SOLUTION
SOLUTION
Arranged a lending solution
against the founder's private stock position, delivering liquidity on
favorable terms
Arranged a lending solution against the founder's private stock position, delivering liquidity on
favorable terms
Arranged a lending solution against the founder's private stock position, delivering liquidity on favorable terms
Bootstrapped Business Services Company
WHO
WHO
Founder-owned business process outsourcing firm with no institutional backing
Founder-owned business process outsourcing firm with no institutional backing
Founder-owned business process outsourcing firm with no institutional backing
WHAT
WHAT
$30,000,000 credit facility
$30,000,000 credit facility
$30,000,000 credit facility
WHY
WHY
Pursuing an acquisition-led growth
strategy requiring committed capital — without diluting ownership
through equity
Pursuing an acquisition-led growth
strategy requiring committed capital — without diluting ownership
through equity
Pursuing an acquisition-led growth
strategy requiring committed capital — without diluting ownership
through equity
SOLUTION
SOLUTION
Sourced a growth capital and acquisition financing structure tailored to the company's cash flow profile and expansion plans
Sourced a growth capital and acquisition financing structure tailored to the company's cash flow profile and expansion plans
Sourced a growth capital and acquisition financing structure tailored to the company's cash flow profile and expansion plans
Single Family Office
WHO
WHO
Family office managing a concentrated, illiquid balance sheet
Family office managing a concentrated, illiquid balance sheet
Family office managing a concentrated, illiquid balance sheet
WHAT
WHAT
$16,000,000 line of credit
$16,000,000 line of credit
$16,000,000 line of credit
WHY
WHY
Needed flexible capital to act on
opportunistic investments and manage timing mismatches between capital
calls and distributions
Needed flexible capital to act on
opportunistic investments and manage timing mismatches between capital
calls and distributions
Needed flexible capital to act on
opportunistic investments and manage timing mismatches between capital
calls and distributions
SOLUTION
SOLUTION
Structured a facility against the family's existing asset base, providing on-demand liquidity without forcing premature asset sales
Structured a facility against the family's existing asset base, providing on-demand liquidity without forcing premature asset sales
Structured a facility against the family's existing asset base, providing on-demand liquidity without forcing premature asset sales
Private Equity Fund Manager
WHO
WHO
GP of a seasoned private
equity fund
GP of a seasoned private
equity fund
GP of a seasoned private
equity fund
WHAT
WHAT
$12,000,000 NAV line of credit
$12,000,000 NAV line of credit
$12,000,000 NAV line of credit
WHY
WHY
Needed near-term liquidity in
advance of expected carry
distributions
Needed near-term liquidity in
advance of expected carry
distributions
Needed near-term liquidity in
advance of expected carry
distributions
SOLUTION
SOLUTION
Structured a credit facility secured against carried interest, providing
flexible liquidity on the
GP's timeline
Structured a credit facility secured against carried interest, providing
flexible liquidity on the GP's timeline
Structured a credit facility secured against carried interest, providing flexible liquidity on the GP's timeline
Tech-Enabled Staffing Company
WHO
WHO
Founder-owned tech-enabled staffing firm seeking to optimize its capital structure
Founder-owned tech-enabled staffing firm seeking to optimize its capital structure
Founder-owned tech-enabled staffing firm seeking to optimize its capital structure
WHAT
WHAT
$32,000,000 refinancing
$32,000,000 refinancing
$32,000,000 refinancing
WHY
WHY
Existing credit facility no longer accommodated the owner's liquidity objectives alongside the company's operational needs
Existing credit facility no longer accommodated the owner's liquidity objectives alongside the company's operational needs
Existing credit facility no longer accommodated the owner's liquidity objectives alongside the company's operational needs
SOLUTION
SOLUTION
Structured a facility that refinanced existing debt while creating meaningful liquidity for the primary business owner — without disrupting business operations
Structured a facility that refinanced existing debt while creating meaningful liquidity for the primary business owner — without disrupting business operations
Structured a facility that refinanced existing debt while creating meaningful liquidity for the primary business owner — without disrupting business operations
About Us
About Us
Independent Advice & Strategic Perspective
Independent Advice & Strategic Perspective
B/T Advisory was founded on a simple premise: every borrower deserves truly independent, expert advice on one of the most consequential financial decisions they'll make.
We connect entrepreneurs, investors, family offices and businesses with the right lending partners and financing structures, ensuring every solution is aligned with their unique goals.
B/T Advisory was founded on a simple premise: every borrower deserves truly independent, expert advice on one of the most consequential financial decisions they'll make.
We connect entrepreneurs, investors, family offices and businesses with the right lending partners and financing structures, ensuring every solution is aligned with their unique goals.
B/T Advisory was founded on a simple premise: every borrower deserves truly independent, expert advice on one of the most consequential financial decisions they'll make.
We connect entrepreneurs, investors, family offices and businesses with the right lending partners and structures, ensuring every solution is aligned with their unique goals.
Founder
Founder
Alex Penning
Founder & CEO
Alex Penning
Founder & CEO
After a career built entirely inside institutional lending and wealth management, Alex founded B/T Advisory to offer clients something rare in the market: genuinely independent advice, no product incentives, and no agenda other than the right outcome for the client.
With more than two decades advising entrepreneurs, investors, family offices, and their businesses on complex banking and lending strategies, he brings a level of expertise that is difficult to find in independent debt capital advisory.
Most recently, Alex served as Head of Banking & Lending at Cresset, a $230B+ wealth management platform, where he led all banking and lending strategies nationally. His work centered on the sophisticated borrowing needs of founders, public and private company executives, investment principals, high-net-worth families and their businesses — delivering tailored financing solutions across the full spectrum of personal and business lending needs.
Prior to Cresset, Alex spent 16 years at Metropolitan Capital, joining the firm shortly after its founding in Chicago. As an early team member, he played an instrumental role in the firm’s national expansion, spearheading the opening of its West Coast office in San Francisco and ultimately leading its private banking, commercial lending, and debt capital markets investment banking practices.
Alex grew up in the Chicago area. He holds a bachelor’s degree in Economics from DePauw University. He lives in Corte Madera, California with his wife, two daughters, and Aussiedoodle. When he’s not working, you’ll find him skiing new mountains, cooking with family, or mountain biking the trails of Marin County.
After a career built entirely inside institutional lending and wealth management, Alex founded B/T Advisory to offer clients something rare in the market: genuinely independent advice, no product incentives, and no agenda other than the right outcome for the client.
With more than two decades advising entrepreneurs, investors, family offices, and their businesses on complex banking and lending strategies, he brings a level of expertise that is difficult to find in independent debt capital advisory.
Most recently, Alex served as Head of Banking & Lending at Cresset, a $230B+ wealth management platform, where he led all banking and lending strategies nationally. His work centered on the sophisticated borrowing needs of founders, public and private company executives, investment principals, high-net-worth families and their businesses — delivering tailored financing solutions across the full spectrum of personal and business lending needs.
Prior to Cresset, Alex spent 16 years at Metropolitan Capital, joining the firm shortly after its founding in Chicago. As an early team member, he played an instrumental role in the firm’s national expansion, spearheading the opening of its West Coast office in San Francisco and ultimately leading its private banking, commercial lending, and debt capital markets investment banking practices.
Alex grew up in the Chicago area. He holds a bachelor’s degree in Economics from DePauw University. He lives in Corte Madera, California with his wife, two daughters, and Aussiedoodle. When he’s not working, you’ll find him skiing new mountains, cooking with family, or mountain biking the trails of Marin County.
After a career built entirely inside institutional lending and wealth management, Alex founded B/T Advisory to offer clients something rare in the market: genuinely independent advice, no product incentives, and no agenda other than the right outcome for the client.
With more than two decades advising entrepreneurs, investors, family offices, and their businesses on complex banking and lending strategies, he brings a level of expertise that is difficult to find in independent debt capital advisory.
Most recently, Alex served as Head of Banking & Lending at Cresset, a $230B+ wealth management platform, where he led all banking and lending strategies nationally. His work centered on the sophisticated borrowing needs of founders, public and private company executives, investment principals, high-net-worth families and their businesses — delivering tailored financing solutions across the full spectrum of personal and business lending needs.
Prior to Cresset, Alex spent 16 years at Metropolitan Capital, joining the firm shortly after its founding in Chicago. As an early team member, he played an instrumental role in the firm’s national expansion, spearheading the opening of its West Coast office in San Francisco and ultimately leading its private banking, commercial lending, and debt capital markets investment banking practices.
Alex grew up in the Chicago area. He holds a bachelor’s degree in Economics from DePauw University. He lives in Corte Madera, California with his wife, two daughters, and Aussiedoodle. When he’s not working, you’ll find him skiing new mountains, cooking with family, or mountain biking the trails of Marin County.
Start the
Conversation
Start the Conversation
Most financing situations are more complex than they first appear. Let's talk through yours.
Most financing situations are more complex than they first appear. Let's talk through yours.
Most financing situations are more complex than they first appear. Let's talk through yours.
(415) 494-7056
(415) 494-7056
(415) 494-7056