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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchA delayed sale increases funding risk if the developer may run short of available money before it can finish the project, pay debt or meet a loan maturity. Assess the delay by updating the cash forecast with realistic sale timing and net proceeds, recalculating the cost to complete, testing downside scenarios and checking the loan documents for relevant deadlines and triggers. A delay alone does not establish that a developer is insolvent.
What does the delay mean for funding?
A property development may rely on selling an asset to repay a loan or provide cash for remaining work. A later sale can therefore create a timing gap even if the asset is still valuable: project costs and interest continue, while expected sale proceeds arrive later or may be lower than forecast.
The key question is whether current cash, committed available funding and credible replacement proceeds can cover outflows until a realistic exit. Look beyond the balance-sheet value of the property: an asset’s estimated value is not cash available to pay bills today. The Prudential Regulation Authority describes acquisition, development and construction lending as higher risk in part because repayment may depend on a future uncertain property sale or substantially uncertain cash flow. That is regulatory capital context, not a verdict on an individual borrower (PS9/24, September 2024).
How to assess the funding risk
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Establish what has changed in the sale
Record the asset, the original sale date, the latest forecast date and the reason for the delay. Identify the transaction stage: for example, whether there is a buyer, a binding agreement, conditions still to satisfy, or a dependency on the buyer obtaining finance. Separate verified facts from management estimates. Update expected gross proceeds for deductions and the date net cash could actually be received.
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Reconcile cash, funding and payment dates
Obtain the latest bank position and distinguish unrestricted cash from cash that cannot be used for general project costs. List committed undrawn facilities and their availability conditions, plus any shareholder support that is legally committed. Set these against expected receipts and dated outflows, including construction payments, professional fees, interest, fees, debt service, tax cash flows where relevant, overdue payables and loan maturity. Reconcile the forecast to actual cash movements and payments; identify the first date the updated case would lack funds.
Homes England’s monitoring-surveyor specification calls for review of cash-flow adequacy, sources and uses, projected receipts and the timing of disposal proceeds. The practical test is not just the cash balance today, but whether funds arrive before they are needed.
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Recalculate the cost to complete
Update spending to date and remaining costs by period. Include construction, professional fees, contingency, holding costs, finance costs and sale costs. Compare progress and spending with the development appraisal, programme and approved plans. Check whether units can realistically be completed and made available on the forecast dates. An unsold or unfinished asset should not automatically be treated as immediately saleable at its appraisal value or on the same terms as a completed asset. Homes England’s specification calls for an updated cost-to-complete estimate and review of the risk that units will not be ready when forecast.
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Re-underwrite the exit and stress the forecast
Build the base case from current evidence for sale price, deductions, transaction conditions and timing. Then test a delayed-sale case and a downside case with lower net proceeds, extra completion or holding costs, ongoing finance costs, a longer marketing or legal period, and less available refinancing or equity. Show the effect on minimum cash, cost-to-complete coverage, debt service, maturity repayment and covenant tests.
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Read the facility agreement for actual consequences
Check the repayment and maturity provisions, controls on disposals and use of sale proceeds, financial covenant definitions and test dates, reporting duties, cure periods, waiver and consent rights, events of default and any cross-default terms. A modelled shortfall or covenant breach is not automatically a contractual breach: apply the agreement’s definitions, dates and conditions. Ask a lawyer or qualified finance adviser to interpret the specific documents where needed. Homes England’s monitoring-surveyor specification includes review of facility terms, loan-to-cost assumptions, covenants and projected proceeds.
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Look for independent signs of strain
Compare management accounts and cash forecasts with lender reporting and actual payment performance. Check for creditor arrears, supplier disruption, default notices, waiver requests, underfunded reserves, audit issues, going-concern uncertainty, overdue statutory accounts and evidence of new funding. The National Infrastructure and Service Transformation Authority’s guidance on PFI project companies identifies financial models, lender information and accounts as sources to examine, while noting that accounts are historical. Its guidance is specific to PFI companies; apply these monitoring lessons to other developers as a diligence checklist, not as a rule that directly governs them.
How to interpret the evidence
| Practical assessment | What the evidence may look like | What to do |
|---|---|---|
| Lower concern | A documented, plausible revised sale timetable; cash and committed funding covering the delay, completion costs and debt obligations; no unwaived covenant or payment breach; and credible mitigants in downside cases. | Keep the forecast and sale evidence current, and monitor against actual cash and milestones. |
| Elevated concern | The forecast depends on one uncertain sale date or price; the delay reduces liquidity headroom; completion costs rise; buyer or financing conditions remain uncertain; or a covenant test is approaching. | Escalate reporting and refresh the forecast using verified inputs and explicit downside cases. |
| High concern | Available cash and committed funds appear insufficient before a credible exit or refinancing; the cost-to-complete gap is unfunded; or arrears, defaults, waiver requests, covenant breaches or serious going-concern warnings arise. | Seek specialist restructuring, legal and valuation advice promptly, and act in line with the facility documents and applicable law. |
These are practical categories, not a universal regulatory scoring system. The cited guidance does not set one number of delayed days, liquidity ratio or sale-price reduction that makes every development unacceptable.
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If there are plausible alternatives to the original exit, compare them on the same basis rather than treating any one as certain. Possible scenarios include a later sale, a revised price or transaction structure, refinancing, new equity, a lease or hold strategy, or partial disposal. Their availability and suitability depend on the project and its documents.
- Net cash available and the realistic date it can be received.
- Execution certainty, conditions and approvals.
- Additional costs, fees and financing required.
- Effect on completion, debt service, loan maturity and covenant or consent requirements.
- Downside recovery if the option does not complete as planned.
Does a delayed sale mean the developer is insolvent?
No. UK government guidance describes insolvency using the cash-flow test—being unable to pay debts when due—and/or the balance-sheet test, where liabilities exceed assets. A late sale by itself does not establish either test. However, a lender may have contractual rights or controls that apply before a borrower meets a formal insolvency test. Whether any trigger has occurred depends on the actual facility agreement and circumstances. The UK-focused framework here is a way to assess funding exposure, not a substitute for reviewing the borrower, valuation, security, loan documents and applicable jurisdiction.
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