> For the complete documentation index, see [llms.txt](https://docs.uptiq.ai/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.uptiq.ai/commercial-lending/getting-started/concepts/portfolio-stages-and-the-deal-workflow.md).
# Portfolio stages and the deal workflow
Tell the portfolio stage apart from the per-deal workflow that runs inside Pre-Screening.
Two structures describe where a deal is. They answer different questions.
| Structure | What it describes | Values |
| --------------------- | -------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- |
| **Portfolio stage** | The high-level status of a deal in the bank's pipeline | Draft, Application, Pre-Screening, LOI, Credit Memo, Closed, Not Eligible |
| **Per-deal workflow** | The four-step underwriting sequence that runs while a deal is in the Pre-Screening portfolio stage | Document extraction, Financial review, Underwriting review, Projections and stress review |
On the Dashboard tiles and the Applications stage chips the first portfolio stage reads **Draft**. A product's stage bar shows the label the product gives that stage, **Intake** by default, whose key is **Draft**.
The workflow is per deal: two deals in Pre-Screening at the portfolio level can be at different workflow steps.
To filter by stage, use the stage chips on [Applications](broken://pages/HlkkNFhKVf67h4lJZGgG). The stage tiles on the [Dashboard](broken://pages/4vVejF60nZP80Zj6NxTp) are informational; selecting one doesn't filter anything.
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