Existing facility
Facility review pack checklist
An annual facility review is a credit decision taken on the pack you supply, not a catch-up conversation. This checklist covers what to have ready three months out, not three weeks out, so nothing in the pack surprises you when the reviewer reads it before you do.
Start early
Three months, not three weeks
The useful work happens before the pack is submitted, not while it's being assembled under deadline. Working through this checklist as soon as a review date is set, rather than in the fortnight before, is what actually changes the outcome.
The checklist
- Identify which covenant is tightest, and calculate what it will actually read at the measurement date, not today's figure. A covenant met by a whisker reads as a warning even though the certificate shows the same pass as a comfortable one.
- Reconcile the aged debtor and creditor listings against the management accounts, so the numbers in the pack agree with each other before a reviewer finds the gap first.
- Check whether the facility has been used as intended, particularly whether an overdraft has genuinely cleared at any point in the period rather than sitting permanently drawn (hardcore borrowing), which reads as a structural mismatch between the facility and how the business actually uses cash.
- Confirm statutory filings are current: accounts and confirmation statement at Companies House, and any other filing the facility agreement makes a condition. Late filings weigh heavily out of proportion to their real significance.
- Prepare an explanation for anything unusual in the numbers: an unexplained movement invites a question you then answer under pressure in the room, not on your own terms in the pack.
- Decide the ask before you're asked: the same facility renewed, a bigger facility, or a different shape entirely are three different conversations. Know which one this is before the meeting, not during it.
- Check what security the current lender holds and whether it's a debenture that would need releasing or ranking if you moved. This is usually what sets the real timetable if the review doesn't go the way you want, more than the credit decision itself. See borrowing with an existing debenture.
If the answer isn't a clean renewal
A facility reduced, renewed on tighter terms, or refused outright are all more workable if you've started looking at alternatives before the decision lands, not after. See the annual facility review for what each outcome usually means and what to do next.
Talk it through
Need another perspective?
You may already know which facility you think fits. The more valuable question is whether it's actually the right structure for what's happening in the business. We'll review the situation before suggesting possible routes. It costs nothing to have that conversation.
Thank you. It's with our team now.
A person reads every enquiry and we'll come back to you with what we think the right next step is. No obligation at any point.
What happens next
- A person on our team reads it. No need to know which facility you want first.
- If we can help, we may introduce you to a provider and tell you who they are.
- No charge and no obligation at any point. You decide whether to go further.
Adam Parker
Founder of Muswell Rose Consulting Ltd, which trades as Established Finance · former Managing Director of Penny, an invoice finance business, working in mortgages, commercial finance and fintech lending since 2010 (career history).
Last reviewed:
Practical questions
Before you get in touch
How long does it take?
It varies by facility, so there isn't one number that fits every case. Some drawdowns against an existing facility complete within a day or two; arranging something new from scratch usually takes longer. We'll give you a realistic timeline once we understand your situation.
What information do I need?
To start, just a description of what’s actually happening in the business. If it progresses, the provider will ask for the usual things: recent accounts, a sense of turnover and trading history, and details of the specific need.