I think it's valuable for companies much earlier in their lifecycle. If you've suddenly launched something and now have $30k in MRR, these guys will lend you upwards of $100k with a 5-year payback horizon at a "cost" of ~$10k.

For someone with maybe 10k in assets in the companies bank account, that $110k repayment loan sounds pretty good if say you'd love to bring on a second developer "right now". I agree that if you just wait four months, you're there already. But if you're at month two after launch, a $10k "over time" seems like a great exchange.

My straw man though seems unlikely: would someone really lend me $100k for just 10% interest, because I suddenly launched and went $0, $10k, $30k?