Built by Wes Forgione, who has guided 400+ business transactions to close.
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This audit is for informational purposes only and is not legal advice.
A lender's underwriting team will find every gap in your file. This free 36-point audit finds them first, while you still have time to fix them.
Takes about 4 minutes · No signup required
Most owners believe they're ready to finance. Most aren't, at least not on paper. The first thing a lender needs is a clean financial package, and it's exactly where borrowers stall. The gaps that slow an approval, or sink it, are almost always preventable. They're just invisible until a lender's team starts asking.
This audit covers the six areas that matter most when you approach a lender: your financial package, cash flow and debt capacity, collateral and security, corporate and legal standing, business risk flags, and process readiness.
Check every item you can answer yes to today, not what you're planning to do. Your score tells the story. A prepared borrower moves faster and is taken more seriously.
01 / The Financial Package
Can you provide what the lender needs to start underwriting?
This is the first thing a lender needs and the single biggest reason approvals stall. If the cash flows support the request, the process moves. If the package is incomplete, everything slows down.
I have complete financial statements for at least the last three fiscal years, prepared by an accountant (review engagement or audited, not just internally generated).
My most recent financial statements are current, within the last fiscal year, not eighteen or twenty-four months stale.
I have interim or year-to-date financial statements available for the current period.
I have the last six to twelve months of business bank statements readily accessible.
I can produce a personal financial statement (assets, liabilities, net worth) for each owner or guarantor without significant delay.
My personal and business finances are cleanly separated, with minimal personal expenses run through the business that would need explaining.
My corporate tax returns are filed and up to date, with nothing outstanding or in dispute with the CRA.
I can clearly explain why I need this financing and how it will improve the business (the "Plan"). A strong "Why" statement is two to three sentences a lender can read in under a minute. It should cover: what the funds will be used for, how the financing will improve the business, and how that improvement supports repayment and long-term success.
Contributed by Daniel Mironoff
Supporting the Plan: Management & Succession
All my key management roles are filled and I have a complete list of same to provide the lender.
My management team is competent and has relevant industry experience to execute the Plan.
My management team would present themselves credibly to a lender without me in the room.
If I disappeared tomorrow, the business would keep running as normal and I can articulate that to the lender.
I have a documented succession plan in place for all key roles that I can provide the lender.
02 / Cash Flow & Debt Capacity
Do the numbers support the request?
Once the package is in, the lender's first question is whether the business generates enough cash to service the new debt. Being able to speak to your own numbers signals a borrower who is in control.
I understand my business's annual cash flow (EBITDA or normalized earnings) and can speak to it confidently.
My existing debt obligations are current, with no missed or late payments in the past twelve months.
I know my current debt service coverage and believe the business generates enough cash flow to support the new financing.
I can clearly explain what the financing is for and how it will be repaid.
Any shareholder loans, related-party transactions, or unusual items in my financials can be clearly explained.
03 / Collateral & Security
What backs the loan?
Lenders secure their position against your assets. Knowing what you're offering, what's already encumbered, and whether there are priority conflicts avoids surprises that can derail a deal late.
I have a clear, current list of the assets being offered as security (real estate, equipment, inventory, receivables).
For any real property involved, I have or can quickly obtain recent appraisals, tax bills, and title information.
I know what liens, charges, or PPSA registrations already exist against my business assets.
There are no existing security interests that would create a priority conflict with a new lender.
If real estate is involved, I'm aware of any environmental issues or can produce a recent environmental assessment.
04 / Corporate & Legal Standing
Will diligence go smoothly?
Once cash flow clears, the lender peels the onion. Clean corporate records and documented contracts let that diligence move quickly instead of turning into a document scavenger hunt.
My corporate records are in order: minute book, share registers, and directors and officers up to date.
My business licenses, permits, and registrations are current for the jurisdictions I operate in.
I'm not currently party to any litigation, or any that exists is disclosed and manageable.
My material contracts (leases, key customer and supplier agreements) are documented and available for review.
If my premises are leased, the lease term and any change-of-control provisions won't create a problem for a lender.
05 / Business Risk Flags
How will a lender read the risk?
Some risks don't show up in a summary but shape how a lender views the file. Concentration, collectibility, and industry headwinds are the ones that most often give a lender pause. Here, a checked box means the healthy answer.
No single customer represents such a large share of my revenue that losing them would jeopardize loan repayment.
My accounts receivable are current and collectible, with a manageable aged-receivables list and no significant doubtful accounts.
My industry is stable, or if it faces known headwinds, I can speak to how my business is positioned against them.
My revenue is reasonably predictable, not dependent on one-time projects or a single large contract that's ending soon.
My inventory, if applicable, is current and saleable, not aging or obsolete.
06 / Process Readiness
Can you move at the speed of approval?
A competing broker won't ask for much upfront, but the lender eventually needs it all anyway. The borrower who hands over a complete package and responds fast is the one who closes first.
I have a single, organized package of the above documents ready to hand over, rather than gathering them one request at a time.
I and my accountant can respond quickly to follow-up requests during due diligence.
I understand that a complete package upfront leads to faster approval, and I'm prepared to provide information proactively rather than reactively.
This audit is for informational purposes only and does not constitute legal advice. Results do not create a solicitor-client relationship.
Gaps to close before you approach a lender
Book a Free Financing Readiness Call
Wes Forgione works with owners and their bankers to close the legal and documentation gaps that slow financing down, so you approach a lender prepared and move at the speed of approval. A 30-minute call costs you nothing.
Important: This is a self-scoring audit intended to give general guidance, not legal advice. It reflects general information current to July 20, 2026, and it is not legal, tax, accounting, insurance, or investment advice. It doesn't replace advice about your specific situation, and completing it doesn't create a lawyer-client relationship. Laws, government rules, and tax rates can change, and how they apply depends heavily on the facts. Talk to a qualified Ontario lawyer and tax professional before applying for financing, signing a commitment letter, or closing on a loan.