1. Borrower profile & initial credit bottleneck

  • A private bank offered a single 7-year loan with only 6 months moratorium, creating a Year-1 DSCR of 0.94x because inpatient occupancy typically takes 12–15 months to stabilise after Bombay Nursing Homes Act registration.
  • The doctors were unsure whether to take an operating lease or a capex term loan for the ₹5.50 crore MRI and Cath Lab package.
  • MPCB biomedical waste consent (BMW), AERB layout approval and fire NOC stages had to be synchronised with bank disbursement tranches.

2. How the file and cash-flow waterfall were structured

  • Split the mandate into two ring-fenced facilities: an ₹11.00 crore Hospital Project Term Loan under a PSU bank's healthcare scheme (9.25% p.a., 9-year door-to-door tenor with an 18-month principal moratorium) and a ₹5.50 crore Medical Equipment Term Loan (8.95% p.a. with 10% promoter margin against hypothecation of the MRI and Cath Lab).
  • Ran a post-tax NPV comparison showing that owning the equipment via term loan (claiming 15% WDV depreciation on medical plant plus Section 36(1)(iii) interest deduction at the 30% tax slab) saved ₹68 lakh in post-tax present value compared to the vendor's lease quote.
  • Sculpted ballooning principal instalments (lower in Years 2–3 at 45%–60% occupancy, stepping up in Years 4–9 at 70%+ occupancy), lifting minimum DSCR from 0.94x to 1.27x and average DSCR to 1.58x.

3. Before vs. after sanction comparison