Debt that stands on the project, not only on the sponsor.
We prepare your case, check it the way a lender would, and introduce you to the few lenders whose criteria fit. Facilities from $5 million, typically $10 million to $250 million.
Who this is for
- Project sponsors and developers with a defined project and a credible plan for equity.
- Owners of operating assets seeking term debt, or refinancing a construction loan.
- Sponsors in energy, digital infrastructure, industrial and similar sectors.
Not a fit: facilities under $5 million; projects with no site control or permitting path; early-stage ideas without a plan or budget.
What we do
- Assess fit. Sector, stage, size, revenue basis and timing. No documents.
- Engage in writing. NDA and engagement terms, including every fee, before information changes hands.
- Prepare the case. We review the model, contracts, permits and budget as a lender and its engineer will, and flag gaps early.
- Introduce. To lenders whose written mandates match the sector, stage and structure. Shared only in an access-controlled data room under NDA.
- Compare and close. We help compare term sheets, support the lenders' diligence and manage the process. The lender underwrites and funds.
What lenders will ask for
The package, as a checklist (a secure data room is opened after the NDA):
- Project description, location and stage
- Site control: ownership, lease or option
- Permits and approvals: status and timeline
- Revenue contracts: offtake, power purchase, lease or tolling agreements, and the creditworthiness of the counterparty
- Construction contract, budget, schedule and contingency
- Sponsor equity: amount, source and commitment
- Financial model, with assumptions that can be audited
- Independent engineer, market or technical reports, if available
- Insurance, environmental and interconnection or utility status where relevant
- Sponsor background and prior projects, as the sponsor describes them
How lenders size project debt
| Factor | How lenders usually treat it (typical, varies by lender) |
|---|---|
| Cash flow | Debt sized so contracted or forecast cash flow covers debt service with a margin: the debt service coverage ratio |
| Gearing | The ratio of debt to sponsor equity. Lenders set a maximum |
| Revenue basis | Contracted revenue with a strong counterparty is treated more favourably than merchant or uncontracted revenue |
| Construction risk | Fixed-price contracts, contingency, schedule, completion support from the sponsor, and the independent engineer's view |
| Security | Project assets, accounts, contracts and the sponsor's shares in the project company |
These describe how the product generally works. They are not terms we offer or a prediction of what a lender would offer you. See the glossary.
Where applications get stuck
- Uncontracted revenue. Without offtake or equivalent, many lenders will not proceed.
- Permits and site control. Incomplete at the time of approach.
- Thin contingency. A budget with no room for overruns.
- Equity not committed. Lenders want proof before they commit.
- Model quality. A model that cannot be audited or tied to the contracts.
- Interconnection or utility delays that move the revenue date.
- The lender's engineer disagrees with the sponsor's assumptions.
Fees
Your engagement agreement sets out what you pay and when, before you sign. In short: an underwriting fee at engagement, and an introduction fee payable only if a financing closes with a lender we introduced. The underwriting fee does not guarantee that any lender will offer terms.
Questions
Do I need an independent engineer before I approach lenders? Not always, but lenders will require one. Having a report ready can shorten the process. We tell you what each lender will expect.
Will lenders finance a project without offtake? Some will, on different terms and with more equity. Many will not. We match against that.
Can you help with equity? Not here. This page concerns debt. Anything involving the sale of equity or investment interests is a separate matter and is handled only through Finalis Securities LLC.
Do you lend? No. Lenders underwrite and fund. We introduce.
Who sees my information? Only lenders whose criteria fit, only after an NDA, only in an access-controlled room where every view is logged.
Commercial lending introductions are provided by River Guide Labs, LLC. They are not securities transactions and are not offered through Finalis Securities LLC. Securities transactions are offered only through Finalis Securities LLC, Member FINRA / SIPC. River Guide Labs does not lend, commit capital or guarantee that any financing will be offered. Size ranges are typical, not offered terms and not a record of past transactions.