₹18 Cr Ready-Inventory Funding Against 22 Unsold OC-Received Flats in Mumbai Suburbs Without Bulk Price Cuts
A Mumbai suburban developer had received the Occupancy Certificate (OC) and paid off its original construction finance loan, with 22 completed flats (market value ₹27.80 crore) remaining unsold. The promoter needed ₹18.00 crore within 25 days to pay the earnest money and stamp duty for a new society redevelopment tender.
Published: 24 October 2026
Deal Tombstone #BC-2026-05Inventory Funding
Sanctioned
₹18.00 Cr
Location
Mulund–Bhandup Corridor, Mumbai
Lender Category
Housing Finance Company (HFC)
Pricing / Rate
11.65% p.a.
Tenor & Moratorium
36 Months (Escrow Sweep Release)
Key Coverage / Ratio
65% LTV on OC-Received Ready Units
1. Borrower profile & initial credit bottleneck
Bulk investors offered an immediate buyout only at an 11% discount to prevailing realisation (a ₹3.06 crore permanent revenue loss).
Because the building already had its OC, fresh construction finance was inapplicable, while standard retail LAP lenders refused to mortgage 22 individual unsold inventory units under a developer entity.
The developer needed a flexible flat-by-flat NOC release mechanism so retail homebuyers could buy individual flats over the next 18 months without prepayment penalties.
2. How the file and cash-flow waterfall were structured
Structured an ₹18.00 crore Builder Ready-Inventory Line at 65% LTV with a leading Housing Finance Company at 11.65% p.a. for 36 months, with zero fixed EMI for the first 12 months (interest-only servicing).
Negotiated a pre-agreed per-sq-ft NOC release grid: whenever a flat is sold, 75% of the sale consideration flows into the lender escrow account toward principal reduction and 25% goes to the developer.
Protected headline carpet-area pricing across the remaining 22 units, resulting in an average 16-month sell-down at full market price.
3. Before vs. after sanction comparison
Comparison of initial position vs. final sanctioned terms (BC-2026-05)
