Quarterly baseline; monthly during ramp or turbulence. Send to current lenders, prospective lenders, and the funds that said "come back with more data." Keep the section order stable — lenders read these comparatively, quarter over quarter. (Part 10 covers the why; sample figures below are placeholders.)
[Company] Lender Update — Q_ 20__
1. Executive summary
Five bullets max. Growth AND problems. If the quarter was bad, say so in bullet one — your reader has your loan tape; they already know.
2. Wins
New partners/channels/products launched; structural improvements (risk-sharing arrangements, new data sources, senior hires). Two or three items, each with a number.
3. What's not working
The trust-building section. For each item: what missed → root cause → remediation → revised date.
Example: "Invoice-product volume ran 20% under plan. Driver: Partner X delayed their marketing launch from April to July. Remediation: launch completed July 10; joint campaign live; we expect recovery to plan by September."
4. Originations: actual vs projected
Monthly table, by product, against the plan previously shared. Show the misses. Add one line of variance commentary per product.
| Month | Product A actual | Product A plan | Product B actual | Product B plan |
|---|---|---|---|---|
| Apr | $410k | $500k | $180k | $150k |
| May | … | … | … | … |
5. Portfolio performance
Delinquency by bucket; loss/charge-off trends; vintage curves (chart); anything drifting, flagged by you first. Covenant distance table — each covenant/trigger, current value, threshold, headroom:
| Test | Current | Threshold | Headroom |
|---|---|---|---|
| 30+ DPD ratio | 3.1% | 6.0% | comfortable |
| Min. liquidity | $2.4M | $1.5M | comfortable |
6. Outstandings: actual vs projected
Same format as §4 — this is the lender's collateral view.
7. Pipeline — with stage definitions and the graveyard
Stages with numeric gates (e.g., Pilot → Ramping (>$250k/mo) → Scaled (>$1M/mo) → Paused → Exited). Table of active names with stage movements since last update — including the ones that went backwards, paused, or died, with one honest line each. A pipeline where nothing ever dies is a pipeline nobody believes.
8. Corporate
Cash and runway; equity plans and timeline (volunteer it — Part 5); key hires/departures; anything covenant-adjacent.
9. Asks (if any)
If an amendment conversation is coming, seed it here, early, with the analysis attached (Part 10: go early, bring the fix).
Attachments: current loan tape · financials · vintage charts