Middle market underwriting

Review monthly and quarterly financial statements alongside the annual reporting package. Compare current performance with prior periods while retaining the dates, period lengths and source context of each document.

Use the interim view to investigate movements in revenue, expenses, liquidity and working capital. Keep the analyst's explanation beside the figures supporting it as the credit review develops.

Keep each operating company and guarantor identifiable within the borrower relationship. Review their financial statements, returns and obligations before selecting the profiles that contribute to the repayment analysis.

Entity Linking Intelligence connects business and personal cash-flow profiles and prevents the same underlying cash flow from being counted twice in the linked global analysis. The relationship between a business and a distribution reaching its owner stays explicit.

Combine the selected business and guarantor profiles into a global cash-flow review. Inspect the cash available for debt service, the distribution treatment and the lender adjustments contributing to the result.

Enter proposed annual debt service to assess the effect of new financing on DSCR. Keep the historical view, the proposed obligations and the assumptions behind the analysis available for review as the structure of the loan changes.

Review the borrower's debt schedule with the supporting financial statements and bank activity. Investigate the notes, rates, maturities and payments relevant to the proposed credit.

Bank statement financing observations can help the analyst identify obligations that need closer review. Examine the advances and repayments, determine the appropriate treatment and keep existing obligations distinct from proposed debt service.

Bring the supplied audited, reviewed, compiled and filed financial information into the business review. Keep each source's reporting context visible when comparing annual statements, interim results and public filings.

Use the documents to investigate the underlying performance and support the credit discussion. The original statements and schedules remain accessible as the analyst moves between the borrower relationship and an individual company's results.

Trace a source-backed financial figure to its bounding-boxed line on the original document page. SpreadSpace opens the document with the source line highlighted so the reviewer can inspect the figure and its surrounding context immediately.

Calculated figures retain their derivation and supporting inputs. Follow the analysis back to the evidence instead of reconstructing the path from a separate spreadsheet and a page reference.

Carry the reviewed spreads, borrower analysis and debt service discussion into the credit memo. Keep the lender's adjustments visible so another reviewer can follow how the repayment conclusion was reached.

Use a consistent credit template while allowing the financial-analysis treatment to reflect the facts of the individual loan. The documents, assumptions and explanation remain connected throughout the review.