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INV-1022
City of Austin
Originated by Cedar Mills Trading Co. · Wholesale / Distribution
B
88/100
Target yield
20.9%
Term
23d
Face value
$25,000
Advance
90%
Credit model
Expected loss = PD × LGD × EAD, sized to a stressed reserve. The advance and yield fall out of the loss math.
PD (annualized)
1.27%
0.11% over term
LGD
6%
loss given default
Dilution
1.1%
disputes / short-pays
Exposure (EAD)
$22,500
advanced to originator
Expected loss
$224
1.00% of exposure
Reserve
10%
held back as buffer
How the 20.9% yield is priced
Funding cost+ 5.50%
Expected loss (annualized)+ 12.13%
Servicing+ 1.50%
Risk premium+ 1.80%
Investor target yield20.90%
Risk signals
The inputs behind the score of 88. Higher bars are safer.
Originator tenure83
Originator cash-flow stability82
Payor scale92
Debtor credit quality94
Debtor payment speed67
Invoice verification90
Invoice concentration100
Deal terms
Debtor
City of Austin
Debtor credit
Grade B
Avg days to pay
52 days
Issued
2026-06-19
Due
2026-07-19
SMB fee
1.55%
Amount advanced
$22,500
Originator monthly rev
$540,000