South African property developer case study: Project finance applications submitted to two DFIs and one Gulf fund

The client had secured the land, had planning approval, and had two anchor tenants committed, but Namibian banks had declined due to their concentration limits on commercial property. He needed USD 4.5 million in project finance and had been told to look at DFIs, but had no experience preparing project finance documentation.

We prepared a full project finance package: financial model with debt service coverage ratios, project information memorandum, risk matrix, and a term sheet template. We identified three DFIs active in Namibian real estate and infrastructure, prepared tailored applications for each, and provided strategic advice on structuring the project to meet their development impact criteria, which is a prerequisite for DFI eligibility.

Project finance applications submitted to two DFIs and one Gulf fund. One DFI has issued an expression of interest for USD 3.0 million and is conducting due diligence. A Gulf co-investor has been identified for the remaining USD 1.5 million.