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Introducing END Capital, the Newest Third-Party Underwriter on the Percent Platform

We are pleased to announce our partnership with END Capital, the latest third-party underwriter to join Percent’s growing underwriter platform. The capital markets team within END Labs combines origination, underwriting, and investing experience in its focus on asset-backed loan portfolio analysis and onboarding. END Capital will act as the co-underwriter for the latest Percent offering with Giggle, a fintech lender focused on providing loans to 1099 workers, independent contractors, consultants, app-based freelancers, and the self-employed.

END Capital will utilize Percent’s technology platform to quickly and efficiently onboard high-quality asset borrowers from both a data and legal perspective, in addition to connecting with the Percent accredited investor community. As the latest underwriter to join Percent’s underwriter platform, accredited investors will soon have access to invest in END Capital’s inaugural co-underwritten deal. The company will continue to utilize Percent’s extensive suite of underwriter tools, accessing a wealth of industry data and services to help drive growth.

How END Capital Conducts Due Diligence

END Capital leverages their network of existing asset/loan borrowers and lenders to source potential new borrowers. Their team continually monitors the landscape of specialty finance asset-based borrowers to help determine specific asset type trends and which asset types are likely to become growth markets (i.e. those needing meaningful future debt capital).

Once conversations begin with a potential new borrower, END Capital’s team looks at a high level to better understand the borrower’s focus. Through an exploratory conversation with the borrower, END Capital may also dig into any pertinent external factors — including (but not limited to) equity capital raised, underwriting approach, and loan servicing.

After further conversations, END Capital concentrates on the historical loan performance based on data tapes provided by the borrower. They use this historical data to analyze asset performance and how this performance aligns with comments made regarding underwriting and servicing, along with any applicable external factors, including capital raises and market factors.

Upon examination of the assets’ historical performance, END Capital models the structure to assess what multiple historical loss performance would need to increase in order for the loan to break even. They then apply these insights to determine and structure additional covenants and triggers to ensure they can monitor any early warning signals of the borrower deviating from what they underwrite.

The team at END Capital have previously invested and underwritten numerous transactions involving business cash advances and independent contract workers, similar to Giggle’s business model.


Percent’s continued work with third-party underwriters, borrowers, and investors is the realization of our mission to efficiently and effectively serve all sides and aspects of a private credit transaction. By leveraging extensive underwriter tools, surveillance reporting, and a full-featured investment platform, Percent is bringing private credit markets greater transparency and accessibility to more market participants.

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