Full lifecycle coverage
Land, TDR, premium, construction, inventory and refinance under one advisor — so the capital stack is sequenced, not stitched together deal by deal.
Real estate funding, advised across the lifecycle.
Real Estate Funding — Land, TDR, Premium & Construction
Finnova arranges stage-linked capital across the full project lifecycle — from land acquisition and TDR purchase through development premium, construction finance and inventory refinance. We connect developers with Banks, NBFC-HFCs and Category-II AIFs, matched to stage, LTV and speed. CA-led since 2011, so the file is built to clear credit committee, not just to look good. ₹4,250 Cr+ facilitated.
Land · TDR · Premium · Construction Since 2011 ₹4,250 Cr+ facilitated
A track record since 2011, in numbers
₹4,250 Cr+
Capital facilitated across sectorsSince 2011
Advising developers and promoters6 stages
Of the project lifecycle funded₹550 Cr
Largest single facility structured3 capital pools
Banks · NBFC-HFCs · Cat-II AIFsReal estate funding is stage-linked debt — what a project can raise changes as it moves from raw land to OC (Occupancy Certificate). Banks cannot fund land, TDR or development premium under RBI norms; that capital comes from NBFC-HFCs (NHB-regulated) and Category-II AIFs (SEBI-regulated). We match each stage to the lender whose mandate, LTV and speed actually fit it.
Finnova Advisory is an advisory firm — we structure the file and negotiate terms; the lender sanctions and disburses. For pre-RERA stages — land, TDR and premium — banks can't lend at all, so getting the right NBFC-HFC or AIF on the file is the whole game.
The project lifecycle
Six stages, six capital structures — the funding lifecycle, matched
A project's bankability changes at every stage. Who lends, at what LTV, rate and tenor, shifts from raw land through to a stabilised, refinanceable asset. This is the map we work from — and the reason stage-correct lender matchmaking decides whether a project funds at all.
Stage Who funds LTV Rate Tenor Notes
Land Acquisition Buying land for development Who fundsNBFC-HFC, AIF LTV40–55% Rate14–18% p.a. Tenor2–4 yrs NotesBanks barred by RBI
TDR Purchase Buying Transfer of Development Rights Who fundsNBFC-HFC, AIF LTV50–65% Rate13–17% p.a. Tenor1–3 yrs NotesBridge to construction
Development Premium FSI / premium payments to authority Who fundsNBFC-HFC, AIF LTV60–70% Rate13–16% p.a. Tenor2–3 yrs NotesOften bridged
Construction FinanceMost common Build-out of sanctioned project Who fundsBank, NBFC-HFC LTV60–65% Rate10–14% p.a. Tenor3–5 yrs NotesRERA + approvals mandatory
Inventory / Last-Mile Unsold post-OC or stalled completion Who fundsNBFC-HFC, AIF, SWAMIH LTV50–60% Rate11–14% p.a. Tenor2–3 yrs NotesUnlocks stuck capital
Refinance Replace expensive debt at stabilisation Who fundsBank, HFC LTVUp to 70% Rate9–11% p.a. Tenor7–12 yrs NotesCost compression
Indicative — actual LTV, rate and tenor vary by lender, asset class, location and project stage. Most projects use more than one structure across their life; we sequence them so each facility is sized and priced to the stage it funds, and bridge early-stage AIF debt into cheaper bank capital as approvals fall into place.
Funding solutions offered
From a project file to a drawn facility — what we arrange
Six stage-linked structures, one advisor across the whole lifecycle. We build the file the way a credit committee reads it, take it to the right capital pool, and stay on through sanction, legal and drawdown.
01
Land Acquisition Finance
Debt to buy land for development at 40–55% LTV, 14–18% p.a. over 2–4 years — from NBFC-HFCs and AIFs, since banks are barred by RBI from land funding.
02
TDR Funding
Financing TDR purchases against incremental development potential — 50–65% LTV, 13–17% p.a., 1–3 years, usually bridged into construction finance.
03
Development Premium Funding
Capital for FSI and premium payments to the authority — 60–70% LTV, 13–16% p.a. over 2–3 years, paid upfront before construction and often bridged.
04
Construction Finance
Milestone-drawn build-out of a sanctioned project at 60–65% LTV, 10–14% p.a., 3–5 years — from banks and NBFC-HFCs, with RERA and approvals mandatory.
05
Inventory / Last-Mile Finance
Unlocking capital stuck in unsold post-OC stock or stalled completion — 50–60% LTV, 11–14% p.a., 2–3 years, from NBFC-HFCs, AIFs and SWAMIH-style funds.
06
Structured Equity / AIF
Category-II AIF capital for special situations, mezzanine and gap funding where stage, LTV or speed makes mainstream lenders hesitate — ₹50–500 Cr tickets.
Finnova Advisory is an advisory firm — we structure the file and negotiate terms; the lender sanctions and disburses.
Asset classes funded
Across the asset classes lenders actually fund
From a single residential tower to a logistics park, the stage-linked model holds — only the lender appetite and cash-flow profile change. These are the asset classes we structure capital for.
- Residential
- Commercial Office
- Retail / Mall
- Mixed-Use
- Township
- Industrial Park
- Logistics / Warehousing
- Hospitality
Why Finnova
One advisor across the whole lifecycle — including the stages banks can't touch
Six reasons developers hand us the capital stack from raw land through to refinance — and keep us on file across phases.
Banks-can't capital for pre-RERA stages
Land, TDR and premium are off-limits to banks under RBI norms. We bring the NBFC-HFCs and Category-II AIFs whose mandate is exactly these stages.
Stage-correct lender matchmaking
We match each stage to the lender whose LTV, pricing and speed actually fit — not the one institution that happens to be in the room.
RERA-compliant structuring
The file is built to satisfy RERA, escrow and approval requirements before a credit team ever raises them — the single most common reason a fundable project stalls.
Cash-flow underwriting
Repayment structured around the sales and leasing waterfall, stage by stage — so the facility survives a slow quarter instead of triggering a default.
Refinance optimisation
As the project stabilises, we replace expensive early-stage AIF debt with bank or HFC capital at 9–11% — compressing cost and freeing margin for the next phase.
Eligibility & documentation
What a fundable file needs — the document checklist
A stage-linked file is only as strong as its title, approvals and cash-flow story. Here's what each lender will want before a stage is funded — and what we assemble and pressure-test before the file goes in.
Documents we assemble & pressure-test
- Land title documents, title search report and encumbrance certificate
- TDR certificate and transfer agreements (if applicable)
- RERA registration / approval roadmap
- Sanctioned building plans and statutory approvals
- Project report with stage-wise cash-flow projections
- Last 3 years' audited financials
- Existing sanction letters, lender NOCs and escrow arrangements
- KYC of developer, promoters and authorised signatories
Indicative — exact requirements vary by stage, lender and asset class. We tell you precisely what each NBFC-HFC, AIF or bank will want before the file goes in.
Ticket sizes by stage
- Construction finance & inventory₹25 Cr+
- Land / TDR / premium funding₹50 Cr+
- Structured AIF deals₹50–500 Cr
Indicative ranges. The right ticket depends on stage, LTV and cash-flow cover — we tell you the bankable figure at the diligence stage.
Process
How an engagement runs — our 5-step path
A clear path from project diligence to drawdown, with senior people on the file at every stage and timelines you can plan around.
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Project diligence
3–5 daysTitle, approvals, stage-wise cash-flow and sponsor review — we establish what's bankable, at which stage, and on what terms before any obligation.
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Stage-matched lender shortlist
2 daysWe match the project's stage, LTV and speed to the appropriate lender — bank, NBFC-HFC or Category-II AIF — rather than defaulting to a familiar name.
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Pack & submission
7–10 daysWe compile a CAM-ready pack and financial model, pre-empting the queries a credit committee will raise before the file is submitted.
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Sanction negotiation
3–6 weeksWe negotiate pricing, LTV, covenants and security on your behalf, running a competitive process to the sanction that fits the stage.
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Documentation & drawdown
2–3 weeksLegal, escrow, security and disbursement — and we stay on file for subsequent tranches and the bridge into cheaper capital as the project progresses.
Track record
Stage-linked mandates we've structured
A sample of recent real estate funding mandates, anonymised for confidentiality. Stages, structures and sectors are real; names are not.
Land + TDR
Residential · Maharashtra
Land acquisition and TDR funding from an NBFC-HFC and a Category-II AIF — capital banks can't provide — bridged into construction finance once RERA and approvals were in place.
[Illustrative]Construction
Mixed-use · Metro
Milestone-drawn construction finance at 60–65% LTV, with repayment matched to the sales waterfall so early quarters weren't over-burdened.
[Illustrative]Inventory / Last-Mile
Stalled completion · AIF
Last-mile capital for unsold post-OC stock on a stalled phase — re-modelled cost-to-complete and security, placed with an AIF mandated for special situations.
[Illustrative] Consultation
Tell us about your project
One conversation tells you which stages are fundable, which capital pool fits, what ticket it supports and how fast it can close. No pitch — just a straight read from people who structure stage-linked real estate funding every week.
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FAQ
Real estate funding, answered
Yes, through NBFC-HFCs and Category-II AIFs. Banks are barred by RBI from funding land acquisition, so this capital comes from NHB-regulated NBFC-HFCs and SEBI-regulated Category-II AIFs. We match your project to the lender whose mandate covers the raw-land stage, at LTVs of 40–55% and tenors of 2–4 years.
We finance TDR (Transfer of Development Rights) purchases against the incremental development potential they unlock. Typical LTV is 50–65%, tenor 1–3 years, and the facility is usually bridged into construction finance once approvals are in place. As with land, TDR funding comes from NBFC-HFCs and AIFs rather than banks.
Premium is the payment a developer makes to civic authorities for additional FSI or buildable area — often 10–25% of project cost in metros. It is paid upfront before construction starts, and is funded by NBFC-HFCs and AIFs at 13–16% p.a. over 2–3 year tenors, frequently bridged into the construction facility.
Banks and HFCs price construction and refinance at roughly 9–12% but need RERA registration and full statutory approvals in place. Category-II AIFs step in where the stage, LTV or speed makes a bank uncomfortable — land, TDR, premium, last-mile and special situations — at 14–18% for 2–4 year tenors. We sequence both across the project life so each rupee is priced to the stage it funds.
Roughly ₹25 Cr for construction finance and inventory funding; ₹50 Cr+ for land, TDR and premium funding; and ₹50–500 Cr for structured AIF deals. The right ticket depends on stage, LTV and cash-flow cover — we tell you the bankable figure at the diligence stage.
Yes — last-mile finance and AIF special-situations capital, including NCLT and SWAMIH-adjacent situations. We re-model the cost-to-complete, the sales waterfall and the security, then place the file with NBFC-HFCs, AIFs or SWAMIH-style funds mandated for stuck inventory and stalled completion.
Further reading
Real estate funding, explained in our Resources
How the capital pools map to each project stage, plus two ways to unlock value from a built asset.
- FundingReal Estate Funding: Which Capital Pool for Which StageRead the guide →
- Loan Against PropertyLRD vs Loan Against Property: Which Should You Use to Unlock Property Value?Read the guide →
- Loan Against PropertyLoan Against Property: LTV, Eligibility & Interest Rates in India (2026)Read the guide →
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