11.27 The investment criteria that financiers should build into the financial model vary but they will include:
• the Annual Debt Service Cover Ratio
• the Loan Life Cover Ratio
• Internal Rates of Return to the project (pre-finance) and to equity
• the margin of the funds before and after completion
• the maturity of the loan and repayment profile
• the construction drawdown profile.
11.28 The NHS body's review of the financial model should include checks that these are consistent with the market and with draft terms of funding and other assumptions in the bid.