> For the complete documentation index, see [llms.txt](https://qiro.gitbook.io/qiro-vaults/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://qiro.gitbook.io/qiro-vaults/stakeholders/borrowers/what-to-prepare.md).

# What to Prepare

The materials Qiro asks for during diligence, and what makes a file move quickly.

Diligence moves at the speed of the slowest missing document.

The exact list is confirmed during screening and varies by borrower type. This is what to expect.

### Entity and compliance

* Certificate of incorporation and constitutional documents
* Ownership and group structure, including ultimate beneficial ownership
* KYB materials for the entity and its principals
* Licences held, or evidence of a licensed partner arrangement
* Jurisdiction of operation and of incorporation

### Financials

* Audited financial statements where available, management accounts otherwise
* At least **12 months** of operating history, which is a hard gate
* Current balance sheet, including existing debt and its ranking
* Cash flow detail sufficient to assess debt service capacity

### Portfolio and performance data

The part that most often determines the outcome.

* Loan-level or transaction-level data covering at least 12 months
* Vintage performance: delinquency, default, and recovery by cohort
* Concentration: by obligor, sector, and geography
* For lenders: underwriting criteria and how they have changed over time
* For payment companies: settlement flow volumes, timing, and counterparties

### The facility itself

* Amount sought, intended use of proceeds, and preferred tenor
* Collateral available and any existing encumbrances over it
* Existing lenders and their security positions
* Repayment source and how it is generated

### Business context

* Business plan and current financial model
* Management team backgrounds
* Availability of management for interview

***

### What makes a file slow

* **Gaps in the performance history.** The twelve months needs to be continuous.
* **Unreconciled data.** Portfolio data that does not tie to the financials raises questions that take longer to resolve than to avoid.
* **Undisclosed encumbrances** discovered late in structuring, after terms have been discussed.
* **Unclear ownership**, which stalls KYB regardless of how strong the credit is.

None of these are disqualifying on their own. All of them cost weeks.

***

Read [The Borrowing Process](/qiro-vaults/stakeholders/borrowers/borrowing-process.md) for what happens at each stage, then [Get in Touch](/qiro-vaults/about-us/get-in-touch.md).