CMA Preparation Guide: Building a Lender-Ready Credit File from Scratch
A CMA data set is the document a credit team actually reads. Done well, it answers the questions before they are asked. Done poorly, it invites a second round of queries that costs weeks.
- Projections must reconcile to audited history — unexplained jumps are the top rejection trigger.
- Working capital assumptions are tested harder than revenue growth.
- A complete file at first submission typically saves 3–6 weeks of processing.
What the CMA data set actually contains
The core is a multi-year view: audited past performance, current-year provisional numbers, and projections — supported by an operating statement, balance sheet analysis, comparative statement of current assets and liabilities, a maximum permissible finance calculation, and a funds-flow statement.
Each of these must tie to the others. Inconsistency between the funds-flow and the balance sheet is the fastest way to lose credibility with a credit team.
The assumptions lenders test first
Debtor and inventory days, creditor terms, capacity utilisation and margin trajectory. If projected working capital cycles improve sharply without an operational reason, expect the entire projection to be discounted.
Revenue growth is scrutinised less than the cash conversion behind it. A conservative top line with credible collections is stronger than an aggressive one with stretched receivables.
Common errors that cost weeks
Projections that ignore existing repayment obligations, GST and statutory dues left out of the current-liability picture, related-party transactions not disclosed, and depreciation or interest schedules that do not reconcile to the facility being requested.
Preparing the file once, properly
We build the CMA alongside the structuring conversation, so the credit file reflects the facility that is actually being sought. That alignment — requirement understood, transaction structured, then taken to the right capital providers — is what turns a submission into a sanction.
This note reflects our advisory perspective and is not investment advice. Speak with a senior partner to discuss how current market conditions apply to your specific capital requirement.