The execution tranche. Cash going out, inventory not yet absorbing, timelines under constant pressure. The structure you put in place here determines whether the project breathes or suffocates.
Construction finance is where most project financing goes wrong — not because the project fails, but because the debt structure doesn't account for how construction actually works. Calendar-linked disbursements force draws the project doesn't need. Rigid covenants trigger when a slab slips by six weeks. A single-lender structure at too-conservative an LTV leaves the developer bridging gaps from their own balance sheet.
The result: a technically solvent project that is permanently short of liquidity. Contractors slow down. Pre-sales stall. The project that should have delivered in 30 months is now at 42, with a lender growing impatient and a developer managing a crisis rather than a construction schedule.
The right structure anticipates slippage. It builds in headroom. It aligns draw events to construction progress, not to a calendar. That is what FINKOI designs.
Every element of the structure is designed around one question: does this hold up when the project hits the inevitable friction?
Draw events tied to construction progress — slab completion, superstructure, finishing stages — rather than arbitrary calendar dates that ignore the build cycle.
LTV calibrated to the project's absorption curve, not a blanket policy number. We build the case for maximum defensible leverage without crossing into covenant-breach territory.
For larger projects, a syndicated structure — senior tranche with a complementary mezzanine or second lender — often unlocks better overall terms than forcing one lender to take the full risk.
Covenants with appropriate cure periods and DSCR thresholds that reflect construction-phase cash dynamics — not stabilised asset assumptions applied prematurely.
A structured contingency buffer — whether lender-held escrow, a pre-agreed overrun facility, or a defined equity injection trigger — that protects the project without alarming the lender.
Where pre-sales collections can reduce draw requirements, we integrate that mechanism into the structure — lowering interest cost and improving lender confidence simultaneously.
Construction finance has the broadest lender universe of any real estate tranche — but each lender type has a distinct appetite, and matching incorrectly costs time and terms.
Private banks with dedicated real estate teams often offer the most competitive rates for projects with strong pre-sales and established developer track records. Their credit processes are rigorous but predictable.
NBFCs move faster and take more nuanced views on project risk — critical when the credit story doesn't fit a standard bank policy. The rate premium is often justified by speed and covenant flexibility.
PSU banks via PMAY or affordable housing channels are relevant for specific project profiles where the scheme qualification opens access to lower-cost regulated lending.
Syndicated structures where a senior bank takes the first tranche at a conservative LTV and an NBFC fills the mezzanine at higher yield — the combined structure achieves leverage the senior lender alone would not have provided.
The wrong lender on the right project is not a solved problem. We know which institution will still be a good partner when the project hits month 18 friction — not just month 1 enthusiasm.
Construction finance mandates where the deal complexity justifies dedicated structuring work — not plain-vanilla projects where a direct banker relationship is sufficient.
From mid-scale residential projects to large-format mixed-use developments where a single lender's appetite doesn't cover the full requirement.
Projects with phased delivery, mixed-use exposure, or absorption dynamics that standard credit policies don't easily accommodate.
Both fresh construction-finance raises and situations where the existing debt structure needs to be replaced before it becomes a constraint on project delivery.
Tell us the project profile — location, size, stage, what's in place already. We'll come back with a structure view.
