Non-bank or direct lending recorded the highest number of deals ever in the final quarter of 2020, according to Deloitte’s latest Alternative Lender Deal Tracker. Deal count had dramatically slowed earlier in 2020 resulting in an overall decrease of 25% in the annual total of 385 deals, compared to 2019’s total of 512 deals. Direct lenders consist of a wide range of non-bank institutions that lend directly into corporates at senior secured levels of the capital structure.