The advance amount depends on your chosen protection level and current market conditions. Generally, you can expect to receive an advance equal to your floor protection level, minus prepaid interest and fees.
For example, with 80% downside protection on a $5 million position, you could potentially borrow up to $4 million. After accounting for prepaid interest (around 6% over a two-year term), you might receive approximately $3.7 million in net liquidity, roughly 74% of your position's value.
Larger positions and higher-quality stocks typically qualify for better terms. Cache is making these structures accessible with minimums starting at $1-2 million, compared to the traditional $5-10 million minimums at other firms.