A lender treats the feasibility study as evidence for a repayment decision, not as a description of an idea. Technical and commercial assumptions therefore need to translate into verifiable cash flow.
A strong study explains use of funds, sponsor equity, a realistic launch and headroom under lower sales, higher costs or delayed implementation.
What lenders assess
Reviews normally cover the borrower and owners, market, technology, CAPEX, schedule, permits, cash flow, current debt, security and management capability. The exact checklist depends on the lender and product.
Debt decision model
Investment
Use, drawdown schedule, quotations and contingency.
Cash flow
Revenue, costs, working capital, tax and seasonality.
Debt
Tranches, interest, grace period, repayment and DSCR.
Downside
Lower price and volume, higher CAPEX/OPEX and launch delay.
Evidence for assumptions
Use supplier quotations for CAPEX, contracts or market research for sales, and formal documents and technical conditions for the site and utilities.
Before submission
- obtain the current checklist;
- reconcile amounts and dates;
- evidence CAPEX and sponsor equity;
- include working capital and tax;
- align debt with project launch;
- prepare base and downside cases.
FAQ
Does a study guarantee approval?
No. Approval depends on lender policy, the borrower, security, documentation and all relevant reviews.
Can one study serve several lenders?
The core analysis can be shared, but format, funding structure and emphasis should be adapted.
Is a separate Excel model required?
Yes. An open-formula working model allows the lender to test assumptions and debt service.
Official sources and requirement checks
Requirements vary by project type and document recipient. Before work starts, confirm the current checklist with the lender, investor, zone management company or public authority.