Underwriters read the numbers before the narrative
A loan officer opens your plan and goes straight to the financial projections, the use of funds, and the repayment coverage. The market section matters, but it is read to check whether the revenue assumptions are believable — not for its own sake.
That means the model is the plan. If the projections are a static spreadsheet with revenue growing 20% a year for no stated reason, the narrative cannot rescue it.
Build the model on drivers, not growth percentages
Revenue should be built from units the underwriter can question: patients per day, billable hours, average ticket, occupancy, contracts closed per rep. When each line traces to a driver, a challenge becomes a conversation instead of a rejection.
Cost should follow the same discipline. Headcount by role and start month, rent by square foot, and variable cost as a percent of revenue produce a model that reprices itself when one assumption changes.
The three pages that decide the file
Use of funds: every dollar requested, mapped to an item with a quote or a basis. Debt service coverage: monthly cash available against the proposed payment, with a downside case that still clears. Owner background: why this operator, in this market, executes this plan.
We write plans in that structure because it mirrors how the file is reviewed. The result is fewer rounds of questions and a faster decision.
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