Every covenant re-tested.
Every figure cited.
Trueline Covenant is Precision Advisers' covenant-monitoring service for small private lenders. We re-test borrowers' financial covenants against the credit agreement itself — every amendment included — and deliver a memo in which every figure carries a page-level source. Covenant monitoring for lenders who refuse surprises.
Covenant checking is exact, repetitive, and unforgiving. We treat it that way.
Covenant compliance in private credit is usually checked by hand, on a calendar, against agreements that run to hundreds of pages — with amendments that quietly change the definitions everything depends on. A missed definition change is a wrong conclusion about a borrower's headroom, delivered with total confidence. It is precisely the kind of work that should be done by a system built for evidence, and reviewed like it matters.
The Headroom Desk does the re-testing the way an auditor would want it done: the covenant as written, the borrower's financials as reported, the arithmetic shown, and every input cited to the page it came from. Pass, watch, or breach — stated plainly, sourced completely.
Three steps. No black box.
Send the documents
You send the credit agreement, every amendment, and the borrower's financials for the period. The agreement as amended is the source of truth. Nothing is ever tested against a summary of it.
Every covenant re-tested
Each financial covenant is extracted exactly as written — definitions, thresholds, testing dates — and re-computed from the borrower's financials. Where an amendment changed a definition, the amended definition governs, and the change is flagged in the memo.
The memo lands
Covenant by covenant: the requirement, the borrower's actual figure, the headroom to the threshold, and a page-level citation for every number. A reader can verify any figure in minutes, without trusting us. That is the point.
If a number cannot be traced to the document, it does not ship.
Every figure in a Trueline memo carries its source: the document, the page, and the line of reasoning from one to the other. There are no unattributed numbers, no figures carried over from last quarter's spreadsheet, and no conclusions the evidence cannot hold. Trust is not the product. Verifiability is.
Trueline Covenant runs on its own site, with its own intake: truelinecovenant.com. It is a service of Precision Advisers LLC, and it is held to the same standard as everything else under this roof.
Send the agreement. Get the memo.
If you lend privately and your covenant checks live in a spreadsheet, write to us — or start at truelinecovenant.com. Either way, the standard is the same: every figure cited, or it does not ship.