GPUL — in development.
The planned product for AI Infrastructure Credit: a separate pool of senior secured loans on GPUs and AI servers.
A separate pool, secured on hardware
Separate pool
Own assets, NAV and reporting, fully apart from GBPL.
Senior secured
Loans on GPUs, servers and the revenue they earn.
Record first
External capital follows loans made on our own capital.
Three phases, each earned by the last
Phase 1 · First loans
Loans made from BridgingFi capital, under the AI infrastructure rulebook.
Phase 2 · Track record
At least six months of repayments at or above 1.25x cover, reported monthly.
Phase 3 · Pool opens
Performing loans pooled into GPUL for professional investors.
From application to repayment
The same discipline as bridge lending: a conservative advance, a defined repayment source and enforceable security.
Application
Term sheet, purchase quote, hosting plan and usage evidence.
Due diligence
Borrower, demand, data centre, hardware and exit value.
Structuring
Security package, controlled account and covenants agreed.
Staged funding
Paid to the supplier: deposit, delivery, installation, acceptance.
Monitoring
Monthly usage, revenue, uptime and debt-service cover.
Repayment
Monthly amortisation from operating cash flow.
What a borrower provides
- Company documents and ownership chart; KYC/KYB on owners of 10% or more
- Recent financial statements and proof of equity contribution
- Supplier quotation or purchase order, with specifications
- Serial numbers for servers and each GPU
- Colocation / hosting agreement, with lender access rights
- Customer contracts or usage and revenue history
- Insurance for the equipment, with the lender as loss payee
- Installation, burn-in and acceptance test results
How each loan is protected
Conservative advance
Up to 65% of cost at drawdown, stepping down to 55% as the hardware ages.
Amortising
Monthly repayment over up to 36 months, faster than expected value loss.
First charge
Debenture over the equipment and borrower, registered at Companies House.
Controlled revenue
Revenue paid through an account the lender controls; debt service first.
Cover test
Minimum debt-service cover of 1.25x, tested monthly, with a cash sweep below it.
Recovery plan
Insurance, data-centre access rights and a resale route for the hardware.
What a loan needs to enter the pool
Proposed eligibility criteria, applied to every loan before it is pooled.
- Status
- Installed, accepted and earning
- Seasoning
- At least 3 monthly repayments made
- Advance
- Current loan-to-value within the step-down schedule
- Cover
- Debt-service cover of at least 1.25x
- Concentration
- No borrower above 25% of the pool
- Hardware
- Current or previous NVIDIA generation
- Location
- UK or EU data centre
What GPUL investors would see
Monthly
NAV, loan balances, cover ratios, arrears.
Utilisation
Usage and revenue per financed server.
Collateral
Semi-annual equipment revaluation.
Events
Covenant breaches, defaults, recoveries.
Same platform, separate pools
| GBPL | GPUL | |
|---|---|---|
| Collateral | First-charge UK property | GPUs and AI servers, with revenue |
| Loan tenor | 6–18 months | Up to 36 months |
| Repayment | Sale or refinance | Monthly amortisation |
| Main risk | Property value and exit | Utilisation and obsolescence |
| Status | Live · Series 1 | In development |
Follow GPUL
We will share the proposed structure and timetable with eligible investors when it is ready.
Professional investor access
Not an offer or confirmation of eligibility · Legal & Risk