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Underwriters work a queue. A file they can decide on without asking you anything gets decided; one with a gap goes back in the pile. That is the whole reason packaging matters.
What a complete file contains
| Item | Detail that trips people up |
|---|---|
| Signed application | Legal entity name matching the bank account, not a trading name |
| Four months of statements | Consecutive, most recent first, every page including blanks |
| Voided cheque or bank letter | Must match the account the statements came from |
| Cover note | Two or three lines on anything anomalous |
| Positions disclosure | How many, roughly what the remittances total |
Statements are where files fail
- Every page. The page that says "this page intentionally blank" still belongs, because an underwriter counting pages will notice it missing.
- Bank-generated PDFs, not screenshots or photographs. A photographed statement reads as something to verify rather than something to underwrite.
- Consecutive months. A gap invites the assumption that the missing month was the bad one.
- All accounts, if the business runs more than one. Transfers between accounts look like inflated revenue when the other side is not visible.
Sizing the ask
Ask for something the statements support. A request at three or four times what the revenue carries signals you did not read them, and that colours everything else in the submission.
If the merchant wants more than the file supports, say so before submitting and explain why. An offer that comes back at half of what they asked for lands very differently when they were expecting it.
Placement is part of packaging
- Know which funders take which industries. Sending restaurant paper to a funder who does not take it is a decline you manufactured.
- Know who takes second and third positions and who does not.
- Know the time-in-business floors. They differ and they are hard limits.
- Do not shotgun the same file to eight funders. It shows in the credit pulls and it damages how each of them reads your submissions.
Questions brokers ask
What documents are needed for an MCA application?
A signed application, four consecutive months of complete bank statements, a voided cheque or bank verification matching that account, and a short cover note explaining anything unusual. Disclosing existing positions up front belongs in the file too.
How many months of bank statements do MCA funders need?
Four is the common requirement, consecutive and most recent first. Every page matters, including ones that appear blank — an underwriter counting pages will notice a gap, and a gap invites the assumption that the missing month was the bad one.
Why do incomplete files get declined?
Partly because underwriters cannot decide without the missing piece, and partly because absence reads as concealment even when it is carelessness. Either way the file goes back in the queue, and files that need a follow-up get worked after files that do not.
Should you submit the same file to multiple funders?
Selectively, not indiscriminately. Sending one file to eight funders shows up and damages how each reads your future submissions. Better to know which funders take which industries, position counts and time-in-business floors, and place accordingly.
How much should you ask for on an MCA submission?
Something the statements support. Requesting three or four times what the revenue carries tells the underwriter you did not read them and colours the rest of the file. If the merchant wants more than it supports, say so before submitting rather than letting a halved offer surprise them.
Alex Makowski
Founder, Infinite Bookings
Runs the lead generation operation behind Infinite Bookings — paid traffic, the funding application, and the delivery pipeline that puts records into brokers’ CRMs.
Reachable directly at alex@infinitebookings.com or 732-609-7182.