The operator established a track record across four locations, then used a VEND-enabled expansion facility to open four more. VEND now continuously monitors the financed cohort and the facility behind it.
PORTFOLIO / AUG 2026
ORIGINAL OPERATING BASE
4 stores
35 machines
Proven operating history
EXPANSION FACILITY
$180K
FINANCED COHORT
4 new stores
36 machines
Operating under VEND monitoring
Locations
8
4 → 8
Machines
71
operator group
Monthly revenue
$92.9K
all stores
Portfolio uptime
97.5%
current
FACILITY CREDIT HEALTH
DSCR sets the baseline. Live operating performance across the financed cohort determines whether the facility remains within its monitoring range.
CURRENT FACILITY SIGNAL
WATCH
Coverage remains serviceable, but both current and projected coverage remain below the Healthy monitoring range.
FINANCED COHORT INPUTS
Revenue −4.8% · Utilization −3.2% · Uptime 97.5% · Repayment current
Current DSCR
Trailing operating performance
Projected DSCR
Recent operating trend estimate
Repayment
No missed payments
30D revenue
Financed cohort · trailing 30 days
DSCR MONITORING RANGE
Illustrative monitoring thresholds
WARNING
<1.25x
WATCH
1.25–2.00x
HEALTHY
2.00–3.00x
STRONG
≥3.00x
01 / FINANCED COHORT
The four locations opened with the expansion facility are monitored individually so changes in operating performance can be traced back to the facility.
Seoul · Mapo
LOCATION SIGNAL
STRONGHEALTHY → STRONG
Revenue
$12,740
Util.
80%
Uptime
98.1%
Machines
9
Current DSCR
Projected
Coverage remains well above the portfolio threshold with stable utilization and uptime.
OPERATING SIGNALS
No downgrade triggers detected.
Seoul · Songpa
LOCATION SIGNAL
HEALTHYRevenue
$11,820
Util.
77%
Uptime
97.6%
Machines
9
Current DSCR
Projected
Debt-service coverage remains comfortable with stable operating performance.
OPERATING SIGNALS
No downgrade triggers detected.
Seoul · Songpa
LOCATION SIGNAL
WATCHHEALTHY → WATCH
Revenue
$9,480
Util.
69%
Uptime
96.9%
Machines
9
Current DSCR
Projected
Coverage remains serviceable, but projected coverage has moved below the Healthy range.
OPERATING SIGNALS
Gyeonggi · Seongnam
LOCATION SIGNAL
WATCHRevenue
$8,800
Util.
66%
Uptime
97.3%
Machines
9
Current DSCR
Projected
Coverage remains serviceable, but operating performance and projected coverage require closer monitoring.
OPERATING SIGNALS
02 / OPERATING BASE
Four established locations provided the operating history used to understand the operator before the expansion facility was opened.
HISTORICAL OPERATING PROFILE
Seoul · Seongsu
Revenue
$15,420
Util.
87%
Uptime
98.2%
Machines
10
HISTORICAL OPERATING PROFILE
Seoul · Gwangjin
Revenue
$13,860
Util.
82%
Uptime
97.8%
Machines
9
HISTORICAL OPERATING PROFILE
Seoul · Mapo
Revenue
$10,780
Util.
76%
Uptime
96.8%
Machines
8
HISTORICAL OPERATING PROFILE
Seoul · Gangnam
Revenue
$9,960
Util.
71%
Uptime
97.1%
Machines
8
03 / EXPANSION FACILITY
VEND keeps the expansion facility tied to the cohort it financed, translating machine activity and repayment performance into an explainable monitoring layer for the operator and credit partner.
Expansion facility
Capital provider → operator · VEND-enabled monitoring infrastructure
Facility
$180K
Operator equity
$70K
Term
24 mo
Use of funds
4 openings
REPAID
29%
Month 7 of 24
FACILITY STATUS
WATCH1.90x
1.72x ↓
Current
Coverage remains serviceable, but remains below VEND's illustrative 2.00x Healthy monitoring threshold. No missed payments.
HOW MONITORING WORKS
Five transparent steps from operating evidence to the credit partner's decision.
Revenue, machine activity, utilization, uptime and operating history create a continuous evidence record.
Observed cash-flow coverage maps to one of four transparent monitoring bands.
Projected coverage, operating declines, outages and repayment status can downgrade or override it.
Every signal change carries the operating facts that triggered it, rather than an opaque score.
VEND supplies data, monitoring and servicing infrastructure; the underwriter retains the credit decision.
04 / MONITORING
Traditional monitoring waits for a missed payment. VEND watches the operating signals that move before it.
FACILITY LEVEL
FACILITY
WATCH · STABLE
Facility DSCR remains 1.90x. Repayments are current, but coverage is below the 2.00x Healthy threshold.
LOCATION SIGNAL
IMPROVING
HEALTHY → STRONG
Improving revenue and utilization lifted both observed and projected coverage into the Strong band.
LOCATION SIGNAL
ATTENTION
HEALTHY → WATCH
Recent operating softness lowered projected coverage. Repayment remains current, but the location now needs closer monitoring.
Credit health, continuously updated from operating performance.
Demo / illustrative product surface. Store names, financing terms, monitoring signals and thresholds are illustrative and do not constitute an underwriting decision, credit rating or offer of credit. VEND provides data, monitoring and servicing infrastructure; the credit partner retains the underwriting decision.
