Ready-to-build capital.
Permits in hand. Site ready. Construction priced. If you’re one equity cheque away from ground-break, this is the programme.
For schemes that are one decision away from ground-break.
Most equity providers in European real estate want to underwrite from land assembly onward. They want to earn planning premium, take zoning risk, sit through a two-year entitlement cycle. That\u2019s a different business.
We are the opposite. We show up after the permit is granted, the GMP is signed, and the bank term sheet is on the table. Our job is to close the equity gap cleanly so construction can start on schedule, not to re-underwrite a deal that is already structured.
For sponsors, that means a four- to eight-week diligence clock, a term sheet in 14 days, and no broker chain between you and the investment committee. For investors in the underlying fund, it means shorter duration, lower entitlement risk, and a 20\u201325% target IRR from projects that have already cleared the riskiest fence.
Four preconditions. No exceptions.
We don\u2019t stretch the definition to win a deal. If any of these four is missing, we\u2019ll say so on the first call.
Land controlled
Notarised SPA or long-lease, site owned or binding PPA signed. Clean title, no encumbrances, no conservation overlays that would force redesign.
Permits granted
Building permit issued and outside appeal window, or final-form with indemnity. No material condition precedents that require further design.
Construction priced
GMP or cost-plus contract executed, or firm bids from qualified contractors. Escalation and contingency modelled to today’s supply-chain reality, not 2022 pricing.
Senior debt sized
Senior lender term sheet signed at 55–65% LTC, or multi-bank indicative pricing received. DSCR covenants tested against achievable rents or exit yields.
Five patterns we won\u2019t underwrite.
- 01 Planning risk — appeal window still open, protected species survey pending, CIL/S106 still under negotiation.
- 02 Pricing assumptions built on 2021–2022 comparables that no longer hold in the current yield environment.
- 03 Single-tenant or single-buyer exits with no backup scenario.
- 04 Capital stack with four or more parties and intercreditor complexity.
- 05 Sponsors with no delivered scheme in the same asset class and geography.
Shovel-ready, equity-gapped, time-sensitive?
Send the information memorandum. If we can move on it, you’ll have a term sheet in 14 days.