Do banks lend against a projected cash flow statement?

Banks consider projections but rarely underwrite on them alone. Standard practice is to base sizing on historical cash flow, typically trailing 12 months of verified bank and accounting data, and use projections to sanity-check direction and stress-test capacity. A projection unsupported by historical performance carries little underwriting weight. Where projections do matter is in structuring: seasonal uplift and known contracted revenue can justify dynamic limits that flex over the facility's life.