Write the credit story before the lender writes it for you
Lesson 3 of 6 · Construction and permanent debt
1 · Learn the move · Audience persona
A construction lender's credit officer is going to write a memo about your project whether you help or not, and it will lead with whatever you left vague. You do not write that memo. You are the borrower, and a borrower drafting the lender's approval is out of its chair. What you write is the sponsor's credit narrative: the story credit will test, told first by the people who know the project. The persona move is what makes it land. Name the reader - a credit officer who has watched speculative projects stall, reads for the risk nobody mentioned, and discounts any figure without a source - and write for that reader. Your own ratios go in verbatim, never recomputed. Every risk you name gets a mitigant from your documents or the words 'no mitigant in the file yet'. A risk you name first reads as control. The same risk found by the lender reads as concealment.
Write my sponsor credit narrative for this reader: a construction-lending credit officer who reads for unmitigated risk and trusts only sourced figures. Reproduce my ratios verbatim, never recompute. Quote approvals and utility letters, never summarise them. Name the risks before the reader does, each with a mitigant from my documents or 'no mitigant in the file yet'. No recommendation to approve and no loan conditions; those are the lender's. [documents] [my computed figures]
2 · Your turn. You write the prompt
Severn Peak Credit Fund asked for a sponsor narrative to go with your Quillan County package. You have your own loan-to-cost and yield-on-cost figures, the approval letter and its conditions, the will-serve letters, two non-binding LOIs, the construction contract and your track record. You already know the turn-lane condition and the sewer capacity language will be the first things credit circles. Write the prompt that tells the story for that reader before credit tells it without you.
Write the prompt for this scenario as given, or swap in a real one from your own work. The score works the same either way.
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