Research

White papers on the structural problems in development finance.

Collateral fraud, monitoring blind spots, and capital eligibility. Each paper covers one problem and how continuous, verifiable monitoring addresses it.

Collateral & fraud

White paperJune 2026 14 min read

How Double-Pledging Took Down MFS: Why the Industry Can't See It Coming

The same asset, pledged to multiple lenders, each one holding a charge it believes is first. Self-certified equity, fragmented charge registration, and no cross-lender visibility make collateral fraud structurally hard to catch until the money is gone. This paper anatomises the MFS collapse and sets out what continuous, cross-lender collateral monitoring changes.

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Monitoring series

White paperApril 2026 15 min read

The 23-Day Gap: Why Quarterly QS Cycles Leave Lenders Blind

Most UK development lenders fund drawdowns monthly and review projects quarterly. Between a drawdown approval and the next QS visit, an average of 23 days passes with no visibility into where funds actually went. This paper covers the three blind spots that creates, and how to close them.

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White paperApril 2026 12 min read

The Contractor Blind Spot: What Your Credit Paper Doesn't Know About the Builder

Credit papers assess the developer thoroughly and the contractor minimally. The contractor builds the project. Each lender only sees their own portfolio, so a contractor overextended across multiple lenders' books is invisible to all of them. This paper explains what cross-portfolio contractor data changes at origination and during the loan.

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White paperApril 2026 10 min read

The Programme Problem: Why SPI and CPI Arrive Too Late to Change Anything

SPI and CPI are the right metrics for development monitoring. The problem is cadence. They arrive every 60 to 90 days. By the time slippage appears in a QS report, it has already compounded. This paper explains how continuous programme monitoring works and what it doesn't replace.

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ADC & capital

White paperApril 2026 14 min read

The 124K Evidence Framework: Holding 100% on Your ADC Book

From 1 January 2027, every ADC exposure defaults to 150% risk weight. Article 124K is the one route back to 100%, and it is not permanent. This paper sets out what the rule requires, maps every condition to the evidence a lender needs from origination through repayment, and explains which conditions silently degrade mid-loan unless they are monitored continuously.

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