MCA Broker Deal-Ready File Checklist
Run these 10 checks before a file goes to any funder. A clean file gets read sooner, gets fewer stip requests, and comes back with a clear answer. Save the page or share it with your team. Brokers can partner with Afterfirst.
The 10-point check before you submit
| Check | What ready looks like | Why it matters |
|---|---|---|
| Bank statements | Last 4 full months as original PDFs, plus month to date | Gaps and screenshots stall the review |
| True revenue | Monthly deposits minus transfers between the owner's own accounts and any funding deposits | Funders size the offer on real sales, not total deposits |
| Average daily balance | Worked out for each month, not guessed | A thin balance shapes the payment a file can carry |
| NSFs and negative days | Counted per month and explained in the memo | Unexplained NSFs are a common decline reason |
| Open positions | Every position listed with payment, frequency and remaining balance | An undisclosed position can sink the file after review |
| Combined holdback | (Existing payments + new payment) / true revenue, written down | Shows whether the business can carry one more payment |
| Time in business | Start date that matches the registration | Mismatches trigger more questions |
| Application | Complete, signed, with ID and a voided check | Missing pieces restart the clock |
| Cover memo | 4 to 6 sentences: what the business does, why it needs funding, anything odd in the statements | A person reads it before the statements |
| Owner expectations | The owner knows offers will be compared on total payback, in writing | Avoids a surprise when the written offer arrives |
A worked holdback example
True revenue is $60,000 a month. Existing payments total $6,000 a month. The new payment would be $4,800 a month. Combined holdback is ($6,000 + $4,800) / $60,000 = 18%. Write that number in the memo so the reviewer doesn't have to work it out.
How to write the cover memo
Keep it to 4 to 6 sentences. Say what the business does and how long it has operated. Say what the funding is for. List open positions in one line. Explain anything odd in the statements, like a slow month or a one-time deposit. End with the amount the owner is asking for.
Sample: "Family-owned auto repair shop, 6 years in business. Funding is for a second lift and parts inventory. One open position, weekly payment, about half paid. March deposits dipped during a road closure and recovered in April. Owner is asking for $15,000."
Before you send it anywhere
Send the file to partners whose guidelines fit it, not to every funder at once. Ask any partner, in writing, how they protect your merchant on renewals. Compare written offers on total payback, payment, frequency and term, side by side.
After a decline
Ask for the reason and what would clear it. Log both. A decline that says "two more months of deposits" is a follow-up date, not a dead file.
Have a clean file?
A person reads every file we receive. Brokers can partner with Afterfirst, or call 877-FUND-654.