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No difference unless you have an FOLO.
How would a FOLO differ? you just model out the first out portion vs the last out portion on 2 different lines?
Not sure what you are asking. The only things I can think of given the vagueness of the question would be 1) loans tend to pay quarterly, vs bonds paying semi-annually, 2) a term will typically amortize 1% a year, quarterly, where as the senior secured bond won't amortize, and 3) the loan will be attached to a spread, SOFR, where as the bond will be fixed, and therefore you'd need to use the forward curve to assume the SOFR spread.
there is no difference in modeling a uni loan vs. a senior loan
Agree
Senior secured might have a cash sweep (mandatory prepays) whereas the uni might not. Thing is, not all senior secureds even have cash sweeps, so that’s a rather niche/ structure-dependent difference in itself.
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