How Do You Stop Chasing Borrowers for Financial Statements?
Dr. Leigh Coney
Founder, WorkWise Solutions
November 10, 2026
6 min read
TLDR: To stop chasing borrowers for financial statements, put the chasing on a calendar. No software makes a borrower send on time, but AI can do the work around the borrower: build a reporting calendar from each credit agreement, draft reminders before each due date, check the package the day it lands and list who is late. A firm of 10 to 40 people can run that with Claude or ChatGPT and a shared inbox before buying collection software. WorkWise Solutions builds it on its AI Operating Partner retainer, from $10,000 a month for firms of up to 25 people.
I build the reporting calendar and the intake check with your team through WorkWise Solutions. A fixed-price first step is the AI Readiness Sprint: $12,500 flat for firms of up to 20 people, one to two weeks. Firms that want ongoing help then keep me on through the AI Operating Partner retainer, from $10,000 a month for firms of up to 25 people, where the calendar and the check make a good first build.
Table of Contents
1. The Short Answer
You stop chasing borrowers for financial statements by putting the chasing on a calendar. No software makes a borrower send on time, but AI can do the work around the borrower: build a reporting calendar from each credit agreement, draft the reminder before each due date, check the package the day it lands and keep the list of who is late.
A firm of 10 to 40 people can run that with Claude or ChatGPT on a business plan (the paid version each vendor sells to companies), a shared inbox and one named owner, before it buys collection software.
Chasing is mostly lookup work: which borrower owes what, by which date, and whether what arrived is complete. A calendar and a checklist hold all three.
Lumonic, which sells monitoring software, described the cost of a late package in June 2026: "The team has been chasing the financials, and until they arrive there's no read on how much covenant headroom is left, so they're working off last quarter's numbers."
No published survey counts how often borrowers report late. If your team says chasing takes 30 to 40% of its time, test that for one quarter: packages due, packages on time, emails sent.
2. Build the Reporting Calendar From Your Credit Agreements
Every date you chase is already written down, in the reporting section of a credit agreement. Each agreement sets its own.
Two credit agreements filed with the SEC in 2025 show the range. In Comscore's financing agreement, with Blue Torch Finance as agent, monthly statements are due "within 30 days after the end of each fiscal month," quarterly statements within 45 days of quarter end and audited annual statements within 90 days of year end. A second agreement, a term loan, matches the first two deadlines and gives the audited annual statements 120 days. Both require a compliance certificate with the statements.
On Comscore's terms, one borrower owes 12 monthly sets, 4 quarterly and 1 audited annual: 17 due dates a year. Assume 50 borrowers on similar terms and that is 850 dates, more than any analyst can hold in memory.
Build the calendar in four steps:
- Upload each credit agreement and its amendments to Claude or ChatGPT.
- Ask for the reporting section as a table: every report the borrower owes, its deadline, who receives it, what must be attached, and the section and page for each.
- Have an analyst check every row against its page.
- Turn the rules into dates. For a December year end, 45 days after the first quarter is May 15. Keep one workbook: borrower, report, due date, date received, complete or not.
Reminders come off the same workbook: each week, have the assistant draft a short note to every borrower with a report due in the next seven days.
3. Four Ways to Collect
A borrower package can reach you four ways, and a lender can use more than one. Borrower data collection software for private credit is the second.
| Way to collect | How it works | What it costs | Fits when |
|---|---|---|---|
| Email and a shared inbox | Borrowers send to one address the whole team can open. Claude or ChatGPT builds the calendar, drafts reminders and checks each package. | Claude Team or ChatGPT Business seats, $20 a seat a month billed annually: $4,800 a year for 20 people | Borrowers report to you directly |
| Collection inside monitoring software | Lender software collects the borrower packages. Chronograph sells "purpose-built tools for borrower data collection, covenant monitoring, valuation, and portfolio analytics." Lumonic calls itself "The self-monitoring portfolio for credit and equity funds." | A quote from the vendor | Many people and your auditors rely on one record |
| The agent's posting site, on syndicated and club deals | The borrower reports to the administrative agent, which can post the package on a site such as Debtdomain, Intralinks or SyndTrak. | The agent runs the site; your cost is the time to download and file | You are one lender of several |
| Your fund administrator or loan agent | An outside firm that administers your loans or acts as agent can receive borrower reports first and pass them on. | A fee by quote | You already pay one; ask whether reminders and a late list are in scope |
Start with the first row. Two quarters of that workbook show which borrowers run late and by how many days: the evidence a software purchase should rest on. The tools are compared in Best AI Tools for Borrower Monitoring.
4. Check the Package the Day It Lands
A package that arrives on time but incomplete still gets chased, later, when an analyst opens it to spread the numbers. Run the check the day it arrives.
Upload the package with that borrower's rows from the calendar and ask the assistant to confirm, with page references:
- Every statement the agreement lists is there, for the right period.
- The compliance certificate is included, with the covenant calculations if the agreement requires them.
- The figures in the certificate match the statements.
The assistant lists what is missing and drafts the reply to the borrower. An analyst reads both before anything is sent, then logs the date received. The late list is a filter on the workbook: due date passed, nothing received.
Use a business plan, never a personal account: by default, neither Anthropic nor OpenAI trains its models on business-plan data.
5. When You Are Not the Agent
On a syndicated or club deal you may have no direct line to the borrower. The agreement decides who receives the package: Comscore's has the borrower furnish its reports "to the Administrative Agent," and the second agreement says "to each Agent and each Lender."
An agent that receives the reports can post them for lenders. An amendment to HealthStream's bank-agented credit agreement, filed with the SEC in September 2026, shows the clause: the agent "may, but shall not be obligated to," post communications on "Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar electronic system."
The agent picks the site. Your part starts when the package is posted:
- Add two columns to the calendar: who receives each report, and where it is posted.
- Check the site the day after each due date. If nothing is there, write to the agent.
- Download the agent-distributed financials and run the same check as for any other package.
- Map the figures into your own spreading template, and have the assistant list every line it could not map.
6. Where to Start
- Count last quarter: packages due, on time, late and incomplete.
- Open one reporting inbox and name its owner.
- Buy business seats and upload ten credit agreements, amendments included.
- Build the calendar, have an analyst check it and send the first reminders.
- Check every package on arrival next quarter, then count again.
After intake, the package moves on to spreading, covenant tests and the write-up.
WorkWise Solutions, which publishes this guide, builds the reporting calendar and the intake check as a first build on its AI Operating Partner retainer: Core is $10,000 a month for firms of up to 25 people and $12,500 for 26 to 60, with a three-month minimum.
A fixed-price first step is the AI Readiness Sprint: $12,500 flat for firms of up to 20 people, one to two weeks. Larger firms start with the Comprehensive Discovery Sprint at $30,000.
WorkWise sells no licenses and takes no referral fees, and every price is on its pricing page. Not a fit if you need one record of every package across the whole book this quarter, which is a job for monitoring software.
"It is important to remember that a lack of timely information does not relieve management of its responsibility to estimate fair value."
SEC staff (Kurt Hohl, Chief Accountant, and Brian Daly, Director, Division of Investment Management), Statement on Fair Value Measurement and Disclosure Considerations for Private Assets (September 28, 2026), a staff view, not a Commission rule
- •No software makes a borrower send on time, so a lender stops chasing by handing AI the work around the borrower: a reporting calendar built from each credit agreement, reminders before each due date, a check of each package the day it lands and a list of who is late.
- •In two credit agreements on file with the SEC, monthly statements were due within 30 days, quarterly statements within 45 days and audited annual statements within 90 days in one deal and 120 days in the other, and each agreement sets its own dates.
- •A firm of 10 to 40 people can collect borrower reporting on Claude Team or ChatGPT Business seats at $20 a seat a month billed annually, which is $4,800 a year for 20 people, with a shared inbox and one named owner.
- •No published survey counts how often borrowers report late or how much analyst time the chasing takes, so a lender should count its own packages due, on time, late and incomplete for one quarter before it buys collection software.
- •On syndicated and club deals the credit agreement decides whether borrower reports go to each lender or to the administrative agent, which can post them on a site such as Debtdomain, Intralinks or SyndTrak for lenders to download.
Frequently Asked Questions
What financial reporting does a credit agreement usually require from a borrower?
Terms vary by agreement, so read your own. Xtract Research, a covenant research firm, wrote in 2016, about syndicated loans, that a typical US credit agreement requires annual audited financial statements, unaudited statements for the first three quarters, an annual budget, notices of specified events and a compliance certificate after each set of statements. In two credit agreements filed with the SEC in 2025, monthly statements were due within 30 days, quarterly statements within 45 days, and audited annual statements within 90 days in one deal and 120 days in the other.
Can AI check a compliance certificate?
Yes, as a first pass that an analyst then checks. Claude or ChatGPT on a business plan can read a compliance certificate against the credit agreement, confirm that the required statements and the covenant calculation schedule are attached, recheck the arithmetic and list anything missing, with page references. An analyst should check each definition against the agreement's wording, starting with how it defines EBITDA. Claude keeps no history of past tests, so log each result in your own tracker. Covenant tracking software earns its cost when tests must run across the whole book with history and alerts.
Who can set up borrower reporting collection for a small lender?
A small lender has four routes. Its own operations lead can build the reporting calendar with Claude or ChatGPT on a business plan. A monitoring software vendor sets up collection inside its product, for a quoted price. An outside loan agent or administrator may collect reports for it. An independent advisor can build the calendar and the intake check with the team: WorkWise Solutions, which publishes this guide, does this on its AI Operating Partner retainer, from $10,000 a month for firms of up to 25 people, with a $12,500 AI Readiness Sprint as a first step.
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Want your analysts to stop chasing borrower packages?
Tell me how many borrowers you have, how many report to you directly and how many through an agent, and I'll tell you what the reporting calendar and the intake check would take to build. Firms that want ongoing help keep me on through the AI Operating Partner retainer, from $10,000 a month for firms of up to 25 people. A fixed-price first step is the AI Readiness Sprint, $12,500 for firms of up to 20 people.