Collateral decision infrastructure for asset-based lending

Know what you’re lending against.

Pledged turns fragmented collateral records, the evidence behind them and your credit policy into a traceable record of what each credit decision rests on. Your credit team still makes the decision.

Built first for inventory-backed lending: borrowing-base reconstruction, eligibility, evidence and reserves.

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The records secured lending runs on.

ERP stock ledgers WMS bin reports 3PL confirmations Goods receipts Supplier invoices Receivables agings Field exam findings Appraisal NOLV tables Bailee waivers Consignment agreements Lien searches Insurance certificates Borrowing base certificates

The problem

Book inventory is a claim.
Collateral is a state.

Every secured loan rests on records the lender didn’t create: a stock ledger, an aging, a warehouse report. They say what the borrower has. They don’t say who owns it, who holds it, or whether you could take it. Pledged keeps those questions apart and answers each one with evidence before your policy turns the result into availability.

Sample facility FAC-HIST-003 · 31 Mar 2026 · 1 tile ≈ $200k at cost
$20.98MBOOK INVENTORY
Collateral

Does the groundwork

  • Stores every borrower file exactly as received
  • Converts cases to units and removes duplicate rows
  • Reconciles the ledger to the borrower’s summary
  • Applies your eligibility rules row by row
See how a record is handled

Makes explicit

  • Who owns each position
  • Who holds it, and where
  • Whether you could enforce against it
  • When you learned each of those facts
See the collateral state

Works beside

  • Your core ABL system
  • Your appraiser’s NOLV
  • Your field examiner
  • Your credit committee
Why we don’t value inventory

The platform

Evidence. State. Policy. Record.

Pledged is built to be where lenders ground, apply, record and review their collateral decisions. Four layers, each auditable on its own.

01 / 04

Keeps the proof.

Every borrower file is stored exactly as received, hashed with SHA-256, with the time it arrived and lineage down to the row. Waivers and appraisals sit in an evidence register tied to each location and facility. Nothing is overwritten.

See evidence, claim by claim

The whole borrowing base, on the same four layers.

CollateralWhat Pledged checks
InventoryOwnership, possession and control; legal entity; condition; age bands; category pools; lower of cost and appraisal NOLV; reserves
ReceivablesDays past due; affiliate accounts; advance rate; reserves

First application

Inventory-backed lending.

We start where collateral is hardest to pin down: thousands of positions across owned sites, 3PLs and trucks, each with its own title and control question. Pledged reconstructs the borrowing base for these facilities, with eligibility, evidence and reserves traced to the row.

Pledged proposes. An analyst confirms. Your policy decides.

Take one position from FAC-HIST-003, a synthetic sample facility: 3,744 units of SKU-H003 at the Phoenix 3PL, March 2026.

1. The record arrives.

Line 16 of the March inventory export lists 3,744 units of SKU-H003 at warehouse code 3PL-PHX. Pledged stores the file exactly as received, hashed, with the time it arrived.

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2. Its meaning is mapped.

Pledged proposes a canonical field for each column: qty is quantity, warehouse_code is location, supplier_owned_flag is ownership. Fields that affect credit wait for an analyst’s approval.

See mapping

3. Evidence is checked.

The borrower owns the units and a third party holds them, so control rests on a bailee waiver. The evidence register records the Phoenix waiver as expired.

See evidence

4. Your policy decides.

Your policy requires a valid waiver for third-party stock. $306,259.20 at cost leaves the borrowing base, with rule INV-EVIDENCE-000 and the source row beside it. The borrower’s certificate still counted it.

See the reconstruction
PledgedBorrowing Base Reconstruction Sample facility

FAC-HIST-003 · synthetic outdoor-goods distributor · $30M inventory and receivables revolver · Policy POL-H-v0.3

Reporting month
InventoryUSD
Gross inventory at costInventory export · 214 positions · 4 locations20,981,123.63
AgedOver 365 days excluded · 271–365 days at 50% · 26 positions(1,328,658.48)
Damaged and returned6 positions(361,675.97)
On quality hold7 positions(1,030,186.22)
Supplier-owned and consigned5 positions(291,558.23)
In transit6 positions(734,120.95)
Third-party site without a valid waiverPhoenix 3PL · bailee waiver expired 15 Feb · 14 positions(1,663,747.26)
Eligible inventory at cost15,571,176.52
Cost cap60% of eligible cost9,342,705.91
NOLV cap90% of appraisal NOLV of 10,828,680.639,745,812.57
Inventory availabilityLower of the two caps · cost cap binds9,342,705.91
Receivables
Gross receivables60 invoices14,845,642.21
Over 90 days past due(570,604.99)
Affiliate receivables(407,302.48)
Eligible receivables13,867,734.74
Receivables availability85% advance rate11,787,574.53
Reserves
Inventory reserve(300,000.00)
Receivables reserve(150,000.00)
Net borrowing base20,680,280.44
Reconciliation to the borrower’s certificate of 6 AprEffect on availability
CertifiedBorrowing base on the certificate22,737,113.10
OpenQuality hold · 7 positions reported as available(618,111.73)
OpenIn transit · 6 positions counted as eligible(440,472.57)
OpenPhoenix 3PL · 14 positions, bailee waiver expired 15 Feb(998,248.36)
ReconstructedBorrowing base from source data20,680,280.44

Each open line is the cost the certificate counted and the source data does not support, times the 60% cost advance rate. Aged, damaged and supplier-owned stock: the certificate excludes the same amounts. Unexplained residual: under one cent.

POL-H-v0.3APPRAISAL-H-2025-12-15214 positions60 receivablesAs reported · certificate of 6 Apr 2026

FAC-HIST-003 is a fictional sample facility; its files and certificates are synthetic. Figures are Pledged output, the same as in the demo; where the engine carries fractions of a cent, lines are rounded so each column foots. Not customer data, an appraisal or a valuation opinion.

Sample reconstruction

What a reconstruction shows.

This is Pledged’s output on FAC-HIST-003, a synthetic facility with the problems real certificates have: stock in transit counted as eligible, a 3PL whose bailee waiver lapsed, a batch on quality hold. Every figure traces to a source row and a policy rule.

Switch months. The certificate and the source data drift apart: $449,407 in January, $1,425,676 in February, $2,056,833 in March.

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Every dollar of availability,
traced to its evidence.

One runfrom raw files to net borrowing base

Ingest · map · state · policy · reserves214 + 60 rows

The same files and the same policy give the same answer, every time.

One position, four questions

LocationPhoenix 3PL · line 16
Possession3PL holds it
ControlBailee waiver expired
OwnershipBorrower
EligibilityIneligible

Each question is recorded separately, so one passing never hides another failing.

Evidence, claim by claim

ClaimEvidenceStatus
3,744 EA at 3PL-PHXExport line 16Recorded
3PL holds itLocation registerEvidenced
Borrower owns itsupplier_owned_flag = falseEvidenced
Lender can take itBailee waiver, recorded as expiredFails

Mapping

Source field supplier_owned_flag

Whether the supplier still owns the stock. Maps to supplier_owned, a credit-sensitive field.

Approveapproved_mapping.csv · 12 fields

Pledged proposes what a field means. Anything that affects credit waits for an analyst. The run itself is deterministic.

Audit trail

IIngeststored inventory file · cb7896…
PProposermapped 12 fields
AAnalystapproved credit-sensitive fields
RRunPOL-H-v0.3 · excluded line 16

Each ingestion and each mapping decision is recorded with a run ID and a timestamp. Every calculation can be re-run from them.

Exclusions, by reason

Control1,663,747
Condition1,391,862
Age1,328,658
Possession734,121
Ownership291,558

Every excluded dollar carries a reason, a rule and the rows behind it.

Scenarios you approve

Inventory pools, FAST and STANDARD+258,200
Lesser-of applied line by line−201,977
February, as known on 31 Mar−46,033

Each scenario re-runs the engine on the same files, or on a copy with one policy change. Nothing is overwritten.

Replay any date

VALID 28 Feb OBSERVED 10 Mar 05 Mar excludes 31 Mar includes

Each fact keeps the date it applied and the date you learned it. A replay never uses hindsight.

Data protocol

Your data, on terms set before the first file.

Before you send anything, we agree in writing what we receive, why, where it lives and the date it is deleted.

Raw rows stay put

Borrower records stay in the Pledged environment. No raw rows are sent to an outside model or service.

One purpose

Your data is used for the work you scoped and nothing else.

A deletion date

Retention is agreed before the first file. We confirm deletion to you in writing.

Named access

Only the people named in the protocol can open your files. Storage and encryption are set out in the same document.

The questions credit teams ask first.

“Does Pledged make credit decisions?”

No. Decision infrastructure is what a decision rests on: the evidence, the collateral state, the policy calculation and the record of what was decided. Your credit team decides. Pledged shows what each decision was based on, and keeps it.

“Are you replacing our appraiser or field examiner?”

No. Their NOLV, advance rates and exam findings are inputs. Pledged records them as evidence and executes your policy on top. It does not issue a valuation opinion.

“How is this different from a borrowing-base calculator?”

A calculator assumes the inventory file is right. Most of the risk sits before the formula: what each field means, whether the counts reconcile, and who owns, holds and controls the stock. Pledged records each of those answers and the evidence behind it.

“What does Pledged need to run?”

For each reporting date: the borrower’s inventory and receivables exports, its locations and supporting documents, your eligibility policy and the appraisal NOLV. The exports can keep the column names the borrower already uses. Pledged maps them, and an analyst approves anything that affects credit.

“Does the borrower have to connect anything?”

No. Pledged works from the files the borrower already sends you each reporting period.

“Will you tell us we could have lent more?”

Only if your own assumptions say so. Scenarios run on rules you set, on the same data, and every difference traces to the rule that caused it.

See Pledged in action.

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