Description:
Terence McMenamin came to this from a venture and operator background rather than a credit one. Techdollar's product is a loan against private company equity, so someone holding millions on paper can reach liquidity without selling shares, closer to a home equity line than to a secondary. The problem he is aiming at is that the median path to IPO for companies above $500 million now stretches past eleven years, and nobody's life pauses for that.
A bank will unlock around 20 percent of a position and charge north of 20 percent for it. Techdollar lends against roughly half at 10 to 15, with verification run through a large third-party insurance firm and a top-ten CPA, and a quote in about a week where a bank takes two to four. Terence unpacks why this is neither exercise financing, which pays for buying the options, nor a secondary, which means a discount, a tax bill, transfer restrictions and a window that rarely lines up with your life, how the model moves from individual borrowers to the company itself once several holders aggregate, leaving the cap table untouched, and why stablecoins are only the settlement rail underneath, invisible to borrower and lender alike.
Terence McMenamin - Founder, Techdollar
X: @terrry
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