Neutral route assessment
We have no fund to push. We assess SWAMIH, AIF and ARC against your project and recommend the one that completes it.
The capital that gets it finished.
Last-Mile Funding for Stalled & Stressed Projects
A stalled project is a viable project starved of its final tranche. We assess every route — the government SWAMIH fund, Category-II AIF special-situations capital, and ARC restructuring — re-model the cost-to-complete, and place the file with the source that will actually finish it. Even projects with an NPA developer or in NCLT can qualify. CA + ex-banker led. ₹4,250 Cr+ facilitated since 2011.
SWAMIH · AIF · ARCNPA / NCLT eligibleNeutral route advice
A track record since 2011, in numbers
₹4,250 Cr+
Capital facilitated across sectors3 routes
SWAMIH · Cat-II AIF · ARC₹550 Cr
Largest single facility structuredSince 2011
Advising developers & promotersLast-mile funding completes a stalled project — the final capital to finish construction, get the OC and hand over. It comes from a few specialised sources, each with different eligibility: the government SWAMIH fund (RERA-registered, net-worth-positive affordable/mid-income), Category-II AIF special-situations capital, and ARC-led restructuring. Choosing the right one is the whole decision.
Finnova Advisory is an advisory firm — we structure the file and negotiate terms; the fund or lender commits and disburses. Eligibility criteria and fund availability change — we confirm the current position for your project.
Three routes
SWAMIH vs AIF vs ARC — matched to your project
The cheapest route isn’t always available, and the available route isn’t always cheapest. We assess all three against your project’s eligibility and stress level, neutrally.
RouteWhat it providesSizingNotes
SWAMIHCheapest if eligible ProvidesSenior last-mile debt to complete SizingCost-to-complete NotesCheapest; RERA-registered, net-worth-positive affordable/mid-income only
Category-II AIF ProvidesSpecial-situations / structured capital SizingStructured NotesFaster, flexible on asset class; higher cost
ARC route ProvidesDebt restructuring / settlement SizingCase-by-case NotesWhere the existing debt itself needs resolving
SWAMIH Fund I is fully committed; a second fund announced in the 2025-26 Budget is not yet operational as of mid-2026. We plan live mandates around the routes actually deploying and position for SWAMIH II as it opens. Where stalled stock is near-complete, structured AIF capital often does the job.
Why Finnova
The neutral desk for a stuck project
Stalled-project funding is a maze of eligibility rules and competing routes. Six reasons developers run it through us.
Eligibility decoded
SWAMIH’s criteria — RERA, project-level net worth, price caps — are precise. We tell you upfront whether you qualify, before you spend months finding out.
NPA / NCLT isn’t a dead end
A project can qualify for completion funding even if the developer is an NPA or in NCLT. We structure the file to that reality.
Cost-to-complete that holds
We re-model the true cost-to-complete and the sales waterfall — the numbers every last-mile funder underwrites on.
CA + ex-banker on the file
Distressed funding is technical. The people on your file have restructured and underwritten these situations before.
Through to handover
We stay on file through sanction, drawdown and completion — and into inventory funding once the OC lands.
SWAMIH eligibility, in brief
Does your stalled project qualify?
SWAMIH is the cheapest last-mile capital — if the project fits. The headline tests, which we confirm against the current rules for your case:
The headline tests
- RERA-registered project
- Net-worth-positive at the project level
- Affordable / mid-income segment
- Within price caps (~₹2 Cr MMR / ₹1.5 Cr metros / ₹1 Cr rest)
- Stalled / stressed but viable to complete
- Eligible even if developer is NPA / in NCLT (project-level test)
Indicative — SWAMIH criteria and price caps are set by the fund and can change. We confirm the current rules and assess your project before you commit time to the route.
If SWAMIH doesn’t fit
- Non-affordable / premiumAIF route
- Need speedAIF route
- Debt needs resolvingARC route
- Near-complete, saleableInventory
We route every file to the option that actually completes it — see structured / AIF finance.
Consultation
Tell us about the stalled project
One conversation tells you which route can complete it — SWAMIH, an AIF or an ARC — whether you qualify, and the realistic cost-to-complete. No pitch — a straight read from people who structure distressed-project funding.
Thank you — your enquiry has been submitted
We’ve received your details. A senior member of our team will review them and get back to you within one business day. Everything you’ve shared stays strictly confidential.
FAQ
Last-mile funding, answered
Last-mile funding is capital to complete a stalled or near-complete project — the final tranche needed to finish construction, obtain the Occupancy Certificate and hand over to buyers. It comes from a few specialised sources: the government-backed SWAMIH fund, SEBI Category-II AIFs running special-situations strategies, and in some cases restructuring through an ARC. The right route depends on the project’s eligibility and stress level.
SWAMIH (Special Window for Affordable and Mid-Income Housing) is a government-sponsored fund that provides senior, secured last-mile debt to complete stalled affordable and mid-income housing. Eligibility is specific: the project must be RERA-registered, net-worth-positive at the project level (it can qualify even if the developer is an NPA or in NCLT), and within prescribed price caps (broadly ₹2 crore in MMR, ₹1.5 crore in other major metros and ₹1 crore elsewhere). We assess eligibility and prepare the file.
SWAMIH Fund I is fully committed. A second SWAMIH fund was announced in the 2025-26 Union Budget, but as of mid-2026 it is not yet operational. For live mandates we therefore plan around the routes that are actually deploying — Category-II AIF special-situations capital and, where it fits, ARC-led restructuring — and position the file for SWAMIH II as and when it opens.
It depends on eligibility and stress. SWAMIH suits RERA-registered, net-worth-positive affordable/mid-income projects and is the cheapest senior last-mile capital — but it has strict criteria and a queue. A Category-II AIF is faster and more flexible on asset class and structure, at a higher cost. An ARC route fits where the debt itself needs restructuring or settlement. We run a neutral assessment and route the file to the option that actually completes the project.
Yes — this is the point many developers miss. SWAMIH assesses the project at the project level, so a stalled but viable project can qualify for completion funding even if the developer entity is classified as an NPA or is in NCLT proceedings. AIF special-situations capital is also designed for exactly these distressed-but-viable situations. The key is a credible cost-to-complete and a clean sales waterfall.
We are an advisory firm, not a fund. We re-model the cost-to-complete and the sales waterfall, assess eligibility across SWAMIH, AIFs and ARCs, prepare the file, and negotiate terms — the fund or lender commits and disburses.
Further reading
Guides on stalled-project funding
The routes to completion capital, and how SWAMIH works.