We do not lend, buy invoices, hold funds, or take a spread. What we hold is the invoice as an object that cannot be assigned twice.
Amount, due date, and the buyer. Recorded once at issue rather than assembled when financing is needed.
The amount and the due date, from the party actually obliged to pay. They are not told a financier is involved or on what terms.
Taking it consumes it. A second financier is not warned about a conflict; there is simply nothing left to take.
The buyer pays. The position closes against the record both sides have held since the beginning.
This does not make a bad debtor good. It removes the one risk a financier cannot price, which is the invoice they cannot see.
Design stage, nothing for sale. What helps is the real mechanics: what you verify before advancing, and what the gaps are worth.