Capital Structure & Banking
Prioritise funding sources, prepare loan applications and manage Covenants
- Funding stack from equity to exitEach layer of funding carries a different risk, comes in at a different time and exits by a different route, plus the effect of leverage on Equity IRRFunding & Presale
- Presale is equity: payment terms and Peak EquityCompares three payment-term structures against Peak Funding, funding gap and Equity IRR, with cautions on customer instalment paymentsFunding & Presale
- The actual order in which funding sources are usedWhy the most expensive equity must come first, and why Presale is not free money, with a Presale-first exampleFunding & Presale
- Selling well but still having to borrow more: matching periodic receipts and paymentsWhy selling 80% brings in only part of the cash, with a table matching periodic receipts and payments, and sources and uses from an exampleFunding & Presale, Construction
- How banks read a project: the credit package from the credit perspectiveHow credit looks for sources of repayment, credit attention points, documents and a sample term sheetFunding & Presale
- Hidden costs of Presale: commission, marketing and discountsSelling costs that affect profit and cash, a layer-by-layer example of their impact, and how to time commission paymentsFunding & Presale
- Project loan: LTC, LTV, drawdown, grace period, sculpted repaymentThe main terms of a project loan, with examples of drawdown, release price and sculpted repaymentFunding & Presale, Construction
- Pricing and take-up versus IRRTests selling price and sales speed against IRR, Peak Funding and profit, with the break-even point of a price discount from an exampleFunding & Presale
- DSCR, Covenant and headroomCalculate DSCR from CFADS, measure headroom in the right direction, set up an internal early-warning system, and request a waiver before a breachFunding & Presale, Construction
- Timeline for applying for a construction loan in ThailandSeven steps from preparing documents to drawing down construction progress payments, a document checklist, and the correct mortgage registration feeFunding & Presale, Construction
- Inbound capital: bringing money into Thailand to invest in a businessChannels for bringing money in, documents, the latest FX rules, tax on repatriation, and common mistakesFunding & Presale
- Refinancing and debt restructuring before a loan becomes an NPLDistinguishing refinance, waiver and restructuring, calculating whether each is worthwhile, and the tools available before the 90-day lineConstruction, Exit & Hold
- Raising THB 500 million: bank, bond or private equityCompares loans, bonds and private equity by cost, cash burden and what you must concede, with numerical examplesFunding & Presale
- Bank relationships: when the relationship manager changesBuild credibility with banks through an update pack, Covenant headroom, and a primary and secondary bank structureFunding & Presale
- Term sheet: the clauses that matter more than the share priceReading liquidation preference, anti-dilution, drag-along and other key rights, with an example of what founders actually receiveFunding & Presale
- DSCR below the threshold: set up a workout plan within 30 daysWhat to check when DSCR fails, the first 30-day plan, and turning the options into numbers before meeting the bankConstruction, Transfer & Closing
- Selling land or restructuring debt: calculate the net proceeds before decidingCompares an immediate land sale with debt restructuring, including the tax burden, break-even price and the effect of probabilitiesConstruction, Exit & Hold