As the programme is oversubscribed, the first stage of the process is to confirm that the shortlisted bid continues to meet the investment parameters of the programme as this is the basis on which it has been shortlisted.
The fund is being administered as a commercial loan fund and will support schemes that are viable and profitable.
The focus of initial due diligence will be on issues arising from the review of the investment proposal document that was submitted as part of the bid documentation:
- assessment of counterparties and creditworthiness
- availability of equity and other funding
- security position
- repayment arrangements