The situation
Two banks had declined. Neither declined the asset — both declined a cashflow they could not audit, with cost drawn from a single line and no sensitivity on sales rate.
What we did
We rebuilt the model to lender standard: elemental cost, monthly drawdown, interest rolled, and sensitivities on price, absorption and programme run side by side.
The pack was assembled once — appraisal, consultant reports, planning position, operator interest — and taken to senior, mezzanine and preferred equity in parallel rather than in sequence.
The outcome
Three credit-approved terms in eleven weeks, senior at a materially better margin than the original indication, and a covenant package the owner could live with through sales.