Illiquidity in Private Credit: Why a $25M Loan Takes Six Weeks to Sell | Alex Cordover (Tradable)
Fixed + Floating - The Credit PodcastShow Notes
Private credit has grown to roughly $2 trillion, but selling a single position remains a manual, bilateral process. Exiting a $25 million loan means NDAs, a data room, agent and borrower consents, and bespoke documentation — four to six weeks from decision to settlement, if a buyer is found at all. Full analysis: [INSERT SUBSTACK LINK] Josef Pschorn speaks with Alex Cordover, CEO of Tradable, about the exact mechanics of private credit secondaries — what happens between the decision to sell and settlement, and what a functioning secondary market requires. The full transfer anatomy: NDA, data room (loan tape, financials, original IC memo), non-binding IOI, consents, documentation, settlement Participation vs assignment: in a default, participation rights typically run against the seller, not the borrower Marks vs prices: every deal closed on Tradable has printed at par plus a buyer's premium, while valuation lag persists in software and direct-lending books Why trades die: information asymmetry and GPs unused to working together — not asset quality Where liquidity comes first: asset-backed, equipment and real estate finance before bespoke unitranche and distressed names
Guest links: https://tradable.xyz | https://www.linkedin.com/in/alex-cordover-72a0a276 Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloating Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice. Recorded: 15.07.2026 #privatecredit #privatecreditsecondaries #creditmarkets #fixedincome #assetbackedfinance
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