In private credit and loan trading, the hardest question is rarely price. It’s intent.
Every participant says they want to transact. Sellers claim they’re motivated. Buyers insist they have capital ready to deploy. In reality, a meaningful portion of the market is only exploring, posturing, or buying time. Asking directly doesn’t help. Sophisticated counterparties know exactly how to say the right things without ever moving toward a close.
At Soteria Market, we’ve learned that real willingness to transact doesn’t come from declarations. It shows up in behavior.
Over hundreds of interactions between banks, lenders, funds, and institutional buyers, clear patterns emerge. Parties that actually close deals behave differently, move differently, and respond differently than those who don’t. These signals are observable, measurable, and remarkably consistent across asset classes, deal sizes, and market cycles.
The framework below outlines how we assess true seller willingness to sell and buyer willingness to buy without relying on self-reported intent. Every attribute is based on actions rather than statements, and every signal is designed to be difficult to fake over time.
This is part of the lens we use internally to reduce friction, avoid wasted cycles, and match counterparties who are genuinely prepared to transact:
SELLERS – WILLINGNESS TO SELL (INTENT TO TRANSACT)
- Documentation completeness and speed
How fast the seller uploads core files after onboarding or a request.
Examples: loan agreement, note, mortgage, payment history, collateral docs, title, servicing data.
Strong signal: full package uploaded within days, not weeks. - Responsiveness to diligence questions
Time to respond and quality of answers.
Strong signal: clear, specific responses within 24 to 72 hours, minimal deflection. - Pricing realism vs benchmark
Initial ask compared to platform pricing analytics and recent clears.
Strong signal: pricing within a reasonable spread of modeled value or willingness to tighten quickly. - Price movement behavior
Frequency and direction of price adjustments after feedback or lack of interest.
Strong signal: rational downward or structure-based adjustments rather than holding an anchor price indefinitely. - Willingness to grant data room access
Speed and breadth of access granted to qualified buyers.
Strong signal: broad access without excessive gating or artificial friction. - Flexibility on structure
Openness to partial sales, tranches, recourse tweaks, servicing transfer, or holdbacks.
Strong signal: proposing alternatives proactively rather than rejecting outright. - Internal approval readiness
Evidence the seller has authority or pre-approval to transact.
Proxy signals: fewer “committee review” delays, consistent answers, fewer reversals. - Follow-through consistency
Does the seller do what they say they’ll do, when they say they’ll do it.
Strong signal: deadlines met repeatedly. - Post-LOI behavior
Speed to draft review, redlines, and execution.
Strong signal: legal review begins immediately, not weeks later. - Historical close rate on platform
Past listings that actually closed vs stalled.
Strong signal: repeat sellers who close.
BUYERS – WILLINGNESS TO BUY (INTENT TO DEPLOY CAPITAL)
- Depth of data engagement
Which files are opened and how deeply.
Strong signal: downloading payment tapes, legal docs, appraisals rather than just teasers. - Time-to-first-action
Time from deal access to first concrete step.
Examples: questions, model feedback, diligence request.
Strong signal: action within 24 to 48 hours. - Question quality
Specific, deal-driven questions vs generic fishing.
Strong signal: questions that imply underwriting has already begun. - Repeat engagement cadence
Returning to the same asset multiple times over several days.
Strong signal: consistent re-entry into the data room. - Capital proof behavior
Speed and willingness to provide POF or confirm allocation.
Strong signal: proactive confirmation without being chased. - Bid realism vs clears
Indicative pricing relative to market benchmarks.
Strong signal: bids that could actually clear, even if aggressive. - LOI issuance behavior
Frequency of LOIs submitted relative to deals viewed.
Strong signal: fewer LOIs but higher conversion to contract. - Post-LOI execution speed
Time to legal, deposit, and diligence kickoff.
Strong signal: immediate momentum after LOI acceptance. - Pattern of walk-aways
How often buyer disengages late without cause.
Strong signal: low fallout rate after LOI. - Historical close velocity
Average time from first view to close on prior trades.
Strong signal: consistently short cycles.
In opaque and relationship-driven markets, time is the most expensive input. Every meeting, diligence request, and follow-up carries an opportunity cost. The difference between an active market and a productive one is not volume, it is intent.
By focusing on observable behavior rather than stated interest, market participants can significantly reduce friction, shorten execution cycles, and concentrate their efforts where outcomes are most likely. The signals outlined above are not theoretical. They reflect how transactions actually move from discussion to close.
This is the discipline we apply every day at Soteria Market to help lenders and investors spend less time deciphering motivation and more time executing trades.