What Lenders Actually Read

Most lender packs are written for the sponsor, not the lender. They lead with vision and rationale before establishing the basics: who, what, where, how much, how repaid.

Credit committees read in a specific order. The covenant of the borrower, the quality of the cash flow, the strength of the security package, and the credibility of the sponsor. Materials that anticipate this order move through credit faster.

The most effective packs are short, specific and quantitative. They acknowledge the downside before being asked. They make it easy to say yes, and even easier to ask the next question.