The situation
A flexible workspace operator running multiple sites, seeking debt against a business whose asset base is almost entirely leasehold.
The constraint
Flex-office is a lease-arbitrage business wearing a real estate costume. The operator holds long leases and sells short occupancy, which means the security package a lender actually gets is thinner than the property portfolio implies, and the covenant that matters is occupancy rather than loan-to-value.
What Zenith built
A structured information request covering group structure and intercompany flows, financials disaggregated to site level, the full lease book with expiry and break profile, occupancy and revenue quality by site, unit economics per location, pledgeable security, and use of proceeds — issued as a single indexed request against a shared repository rather than as an email thread.
The transferable point
The information request is the first real diligence event. What a borrower can produce in two weeks, and how, tells a lender more about operational control than the financials do.
Last reviewed August 2026
Start with the structure, not the pitch.
Tell us the transaction and the timetable. If it is not something we should run, we will say so.