Funding Due Diligence Tracker: What Is Still Outstanding?

Which funding due diligence questions are still outstanding? Keep one controlled request register that identifies the question, responsible person, deadline, supporting document version, response date and reviewer confirmation. A file marked “sent” should remain open until the relevant reviewer confirms it addresses the request. This simple distinction helps business owners and project developers see the next action without mistaking document delivery for financing approval.

Featured image: original AI-generated conceptual campaign illustration. The steps and doorway symbolize the funding process; they do not depict an actual financed property or client.

Why a document folder is not enough

A folder shows what files exist. It does not necessarily show why a lender asked for them, which question they answer, whether they are current or who must follow up. An email saying “financials attached” can leave several issues unresolved if the request also asked about a reporting period, a variance or an updated forecast.

Document requirements vary with the transaction. BDC’s financing FAQ, for example, identifies financial statements, business plans and cash-flow projections as preparation materials and notes that additional documents may be requested during review. Its examples include purchase offers, environmental reports, valuations and leases. These are BDC examples, not a universal checklist or a statement of CGFS funding terms. Source: https://www.bdc.ca/en/financing/financing-faq

The register below is a practical coordination method. Agree the actual requirements, review contacts and deadlines with the parties handling your transaction. For the wider sequence, read the CGFS funding process guide: https://www.creativeglobalfundingservices.com/cgfs-funding-process/

Build a funding due diligence tracker with these fields

• Request ID and exact question: assign a stable reference such as DD-014, record the requester and date, and retain the original wording. Split questions with different owners into separate rows.
• Owner and reviewer: name one person responsible for preparing the response and identify who can confirm the question is resolved. The preparer and reviewer may be different people.
• Due date and dependency: distinguish a requested deadline from an agreed deadline. Note what is needed first, such as an accountant’s reconciliation or a third-party report.
• Evidence reference: record the file name, reporting period, version, issue date and relevant page or worksheet. Use a controlled access link rather than scattering sensitive attachments across emails.
• Response and submission date: give a short direct answer, explain any limitation, and record what was delivered and to whom. A document title alone may not answer the question.
• Status and next action: show whether work is being prepared, submitted, awaiting clarification or confirmed resolved. Record the next action owner and the date of the last update.
• Resolution evidence: retain the reviewer’s confirmation reference and date. If a request is withdrawn or replaced, record that outcome and link the replacement rather than silently deleting it.

Use statuses that describe what actually happened

Requested means the question has been received but a response has not been prepared. In preparation means a named owner is working on it. Submitted means the response and identified evidence have been sent through the agreed channel. Clarification needed means the reviewer has asked for further explanation or a correction. Confirmed resolved means the relevant reviewer has confirmed that particular request is addressed.

Keep “submitted” and “confirmed resolved” separate. An internally completed checklist does not establish lender acceptance, and acceptance of one response does not establish credit approval or authorization to release funds. A closing condition should be tracked against the governing documents and confirmation from the responsible party, not inferred from a general diligence status.

Worked example: one budget question, two follow-ups

Illustrative example only: a developer requests USD 3 million and submits a project budget. The reviewer asks why the budget’s equipment allowance differs from the supplier quotation. The coordinator creates DD-014, assigns the finance manager as owner and records a requested response date.

The response explains that the allowance includes delivery and installation while the quotation covers equipment only. Evidence references identify Budget v3, the relevant worksheet and the dated quotation. The coordinator marks the item Submitted and records the delivery date. No row is marked resolved merely because the files were uploaded.

If the reviewer then asks whether the installation allowance is supported by a current contractor estimate, that follow-up is recorded against DD-014 or a linked new request with its own owner. The team obtains the estimate and updates the evidence references. Only after the reviewer confirms the explanation is sufficient does the register record Confirmed resolved. Other diligence questions and funding conditions remain separate.

Keep versions and access under control

Use consistent filenames that identify the entity, document, period and version. Preserve the version actually submitted; do not overwrite it with a later file under the same name. When a replacement is necessary, state what changed and which earlier version it supersedes. Reopen affected requests if the revision changes their supporting evidence.

A request register can reference confidential material without reproducing it. Keep personal identity records, bank details and sensitive financial attachments in the agreed secure sharing system. Limit access to the people who need it, and check recipient permissions before sharing links. Avoid putting passwords or identity numbers into a broadly distributed tracker.

Run a short review before the next funding discussion

• Filter for overdue requests, missing owners and submitted responses that still need reviewer feedback.
• Check whether each answer addresses the entire question and points to the correct evidence version.
• Separate borrower actions from reviewer actions and third-party dependencies; identify the next person who can move each item forward.
• Flag changes to the funding amount, budget, ownership or timing that could affect earlier responses.
• Confirm what remains required for the current stage and record decisions made during the discussion.

Report counts by meaningful status, but also highlight the few issues that can prevent progress. Twenty minor documents delivered do not outweigh one unresolved material question. Use the register to make the discussion specific: “DD-014 awaits the installation estimate” is more useful than “diligence is nearly done.”

Frequently asked questions

Can I use a spreadsheet for the tracker?

Yes. A spreadsheet can work if the team controls access, assigns responsibility for updates and uses one agreed current version. More complex transactions may benefit from a secure document platform with an activity history. The method matters more than the software: every request needs an owner, evidence reference and clear next action.

Who should decide that a request is closed?

Ask the person or team responsible for reviewing that request. A borrower can mark its own preparation complete, but should not represent the reviewer’s acceptance without confirmation. Keep the acceptance reference so that later participants can understand why the status changed.

Does a completed tracker mean funding is approved?

No. The tracker organizes information exchange. Lender or investor decisions, definitive documents, outstanding conditions and funding authorization remain separate. It also cannot promise a closing date; third-party work and further questions may still be necessary.

Prepare a clearer funding conversation

Bring a concise transaction summary and a list of outstanding questions to your next discussion. CGFS connects qualified businesses and project sponsors with prospective capital providers; each provider independently assesses the opportunity. For business or project funding requests of USD 1 million or more, start with the funding request form: https://www.creativeglobalfundingservices.com/request-funding.php

Submission and organized due diligence do not guarantee lender interest, approval, closing or funding. Requirements depend on the transaction and capital provider.