A row of GPU servers in a data hall, cold grey light
GPUs Live

Your GPUs are not a truck, so we do not price them like one.

H100, H200, B200 and GB200 fleets appraised per unit, monitored by telemetry, and placed with lenders who already lend on compute. A higher advance because the lender can see the collateral.

The lender sets the advance, rate and term after the appraisal. Your report shows an indicative range. Pre-qualification is open now.

What qualifies as collateral

Eligible, and not. Stated before you send a serial list.

Eligible

H100, H200, B200, GB200

Data centre parts, SXM or PCIe, two years old or newer at close.

Under manufacturer warranty

Or an OEM extended warranty that can be assigned to the lender.

Serials on file

Every unit with a serial, an invoice and a node position in the schedule.

Owned outright or being bought

Including a purchase you are financing, with the lien taken at delivery.

A telemetry path

A DCGM or nvidia-smi exporter the monitor can read over HTTPS, read only.

Not eligible

Consumer cards

RTX and gaming parts, whatever the quantity.

Unserialised or mixed lots

No invoice, no serial, no borrowing base.

Leased from a hyperscaler

Or any unit where title sits with a third party.

Older than two years

Considered case by case at a lower advance, not in the standard programme.

No telemetry

If the monitor cannot see it, the lender cannot lend on it at the higher rate.

How we appraise it

Orderly liquidation value, per unit, every quarter.

We appraise at orderly liquidation value per unit, not at invoice. The value comes from the resale book: closed trades on secondary compute markets, broker quotes and auction results for the same part, age and warranty state.

A residual curve for your model and age sets the value at every revaluation date, every quarter. The lender floor is the value a lender would recover in a 90 day sale. The advance is a share of OLV, so the gap between OLV and the floor is the lender's cushion, and the reason they lend higher.

GPU racks running, status lights on

Per GPU readout

Illustrative

Orderly liquidation value$8,230
Market, secondary ask$7,740
Lender floor$6,150

Illustrative. H100 SXM 80 GB, under warranty. Not a quote.

What we monitor

What we monitor, and why it raises your advance.

Utilisation, location, firmware, temperature, power, ECC errors and last ping per GPU, monthly, from your DCGM or nvidia-smi exporter. The lender sees the fleet is running where it should, so they lend against a running fleet, not an audit from last year.

Utilisation

Trailing 30 day average per unit.

Location

Node and site match the registered schedule.

Firmware and driver version

No silent downgrade or unauthorised flash.

Temperature and power draw

Thermal stress shortens residual life.

ECC memory errors

Early sign of a failing part.

Last ping

A unit that goes quiet is a unit that may have moved.

What a breach does

A covenant trips, for example utilisation stays under the floor, or a unit leaves the registered site. You and the lender get the same notice, the same day. Then a cure period: bring the metric back, move the unit back, or substitute an eligible unit. If it is not cured, the borrowing base is recomputed on the remaining eligible units. It is designed to end in a partial paydown, not a default.

The closing docket

Every document, one room, versioned.

This is the GPU document set. Every document in one room, versioned. The data room is coming.

Borrowing base certificate

Eligible units, OLV, advance, facility. Recomputed every quarter.

Compliance certificate

Covenant status from the monitor, signed by you each month.

Insurance certificate request

Sent to your broker. Lender named as loss payee.

Serial list

Model, serial, node, site, invoice date. The schedule to the security agreement.

ACORD 25

Certificate of liability insurance, returned by your broker.

Lien search

UCC search in your state of organisation before filing.

Sample appraisal summary

Appraisal summary

Illustrative
Collateral256 H100 SXM, 32 nodes
Appraised OLV$2,106,880
ConditionUnder warranty, serials on file
Lien searchUCC search in your state of organisation
MonitoringUtilisation, site, revaluation every quarter

Illustrative. No GPU loan has closed yet. The lender sets the advance, rate, term and fees.

Intelligence for this class

The risk profile a lender reads first.

The GPU register at Safewaterline Intelligence tracks resale values, residual curves and lien activity for data centre GPUs. It is the book our appraisals draw on, and the risk profile a lender reads before they look at your fleet.

Questions
My GPUs are in a colocation facility. Does that matter?

No. The lien is on the units, not the building. We register the site, the colo signs a landlord waiver so the lender can access the units if it comes to that, and the monitor reads the exporter wherever the racks sit.

What about GPUs we are still paying the vendor for?

If you are financing a purchase, the lien is taken at delivery and the loan can fund the purchase. If a vendor already holds a lien, we work on a payoff or an intercreditor agreement.

Does monitoring slow the cluster or see the workload?

Neither. It reads DCGM metrics over HTTPS, read only, at a cadence you set. It never sees jobs, data or customers. Only you and your lender see the metrics.

We have venture debt with a blanket lien.

Common. We work with your venture lender on a carve out for the GPUs. Venture lenders often agree, because the carve out brings in capital without diluting their position. See For startups.

What happens at revaluation if H100 prices fall?

The borrowing base is recomputed on the new OLV. If it falls under the facility, you have a cure period to pay down the gap or add eligible units. The residual curve is published, so the number is not a surprise.

GPUs

Send the serial list. The appraisal report is yours either way.

Pre-qualification is open now. Nothing is owed until a loan closes.