caldridge

Underwriting Calculators.
The math banks actually run.

Most calculator sites stop at PITI. Three of ours don't. Global Cash Flow combines a business with its guarantors into a single DSCR — the exact view an SBA credit committee sees. FCCR replicates the EBITDAR coverage test inside a real loan covenant. Cash Conversion Cycle sizes a working-capital line from DSO, DIO, and DPO. If you've ever had to defend a credit memo or build one, these are the tools you wished existed.

See the tools Why these three?
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Global Cash Flow

Business CFADS + after-tax personal NCF for each 20%+ guarantor → one Global DSCR. Multi-guarantor aggregation, distribution add-backs, rental NOI roll-up. Mirrors SBA SOP 50 10 8.

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FCCR

EBITDAR-style Fixed Charge Coverage with rent on both sides, capex and distributions stripped from the numerator, and a watchlist trigger at 10% headroom to breach. Replicates the test bank compliance officers run quarterly.

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Cash Conversion Cycle

DSO + DIO − DPO, then translates the working-capital gap into a line-of-credit size with seasonality and a headroom buffer. The math behind right-sizing a revolver.

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Bond Yield & Spread

YTM, price, modified duration, convexity, DV01, and spread to Treasury benchmark. The fixed-income desk view — capital-markets counterpart to credit underwriting.

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Why we built these three first

Consumer calculators are commoditized. PITI is PITI; auto amortization is auto amortization. The interesting work in finance happens one layer deeper — in the questions a credit analyst has to answer before recommending a deal.

Those three questions, in order:

  • Can the borrower cover the proposed debt service? For a single business with no owner guarantor, that's a plain DSCR. For anything SBA-style or community-bank C&I, it's global: business CFADS plus every 20%+ owner's net personal cash flow, against the combined business and personal debt stack. That's what Global Cash Flow calculates.
  • Will the borrower trip a covenant under stress? The covenant that breaks first in 80% of middle-market deals is Fixed Charge Coverage, because rent and capex sit inside the test. Modeling the cushion (and where it disappears) is what FCCR does.
  • How much working capital does this business actually need? Most operators size their revolver by gut feel and end up either chronically overdrawn or paying commitment fees on idle capacity. The right size falls out of the cash conversion cycle — that tool does the math.

Together they're the spine of a community-bank or SBA credit memo. There are dozens of consumer-mortgage sites and exactly zero free tools that string these three calculations together for an operator, a borrower, or a student preparing for a credit-analyst interview. That's why they exist.

The fourth tool, the Bond Yield & Spread calculator, sits on the opposite side of the capital-markets workflow — it's the view a fixed-income trader sees on the same issuer's public debt. Same credit underlying, different lens: where Global Cash Flow asks "can this obligor repay?", the bond calculator asks "what is the market currently charging for the credit risk?" Both views are useful, often together.

Who uses them

Small-business owners preparing for an SBA 7(a) application — running a global cash flow check before submitting tells you whether the deal pencils, before the bank pulls your tax returns. Operators with existing covenants use FCCR to check covenant headroom before reporting quarter-end. Finance students and credit-analyst candidates use all three to practice the math an interview at a community bank, regional commercial lender, or SBA lender will test.

If you build something a bank uses, we're interested — see how Caldridge is published and the methodology page for source citations on every formula.

Background reading

Each of the three tools has a companion explainer. Start with the one closest to what you're modeling:

  • DSCR explained — how the ratio is constructed, what 1.20x vs. 1.25x means to a lender, and how global DSCR differs from operating DSCR.
  • SBA 7(a) vs. 504 — when each program applies, fee schedule differences, and how global cash flow gets evaluated under SOP 50 10 8.
  • MCA vs. term loan — the cash-cycle math that explains why merchant cash advances cost what they do.
  • Financial glossary — DSCR, FCCR, CFADS, EBITDAR, DSO/DIO/DPO defined the way a credit memo would use them.

Embed any of these

All three underwriting calculators have permissive iframe embeds — drop them into a course page, a lender training site, or a finance blog. No tracking, no branding requirement. See the embed library for the iframe snippets.