How FGM works

A disciplined path from viability to completion.

FGM is developing an active project-participation model that combines independent underwriting, negotiated project rights, ongoing monitoring and practical intervention capability.

Four principles guide every engagement.

The project must be fundamentally viable before FGM can add value.

FGM’s responsibilities must be matched by meaningful economics and rights.

Monitoring is designed to identify and address issues before the only option is enforcement.

Any financing or credit support is separately underwritten, approved and documented.

The model at a glance

Underwrite. Structure. Stay involved.

FGM’s role begins before closing and is intended to continue through construction. It is a substantive commercial relationship with the project—not a one-time endorsement.

01 / UNDERWRITE

Confirm the foundation

FGM evaluates the sponsor, project, capitalization, budget, schedule, approvals, market support, construction plan and exit.

02 / STRUCTURE

Establish practical authority

The parties negotiate economics, governance, reporting, reserved matters, escalation and intervention rights proportionate to FGM’s role.

03 / PARTICIPATE

Monitor and act

FGM maintains operating visibility, reviews emerging risk and uses the agreed process to support corrective action, intervention and completion.

The engagement process

Six gates from initial fit to active participation.

Each stage is intended to answer a different question. Progress through the process does not constitute approval or a commitment by FGM.

Initial discussion

Is the situation potentially relevant? FGM reviews the project stage, financing need, sponsor constraint, lender context and timing.

Preliminary screen

Is there enough fundamental strength to proceed? The first screen considers economics, equity, approvals, information readiness and the principal execution risks.

Detailed underwriting

Is the project viable on a fully informed basis? FGM examines the sponsor, budget, schedule, sources and uses, consultants, contractors, market evidence and exit.

Commercial structuring

Can responsibility and authority be properly aligned? Economics, reporting, governance, security, reserved matters and intervention rights are developed.

Approval and documentation

Are all conditions satisfied? Participation proceeds only after required internal approval and definitive project and lender-facing agreements become effective.

Active monitoring and response

Is the project tracking to plan? FGM reviews performance, escalates issues and pursues corrective action or intervention in accordance with the documents.

Relationship architecture

Three roles. One coordinated project structure.

FGM is intended to sit inside the project relationship, between passive oversight and lender enforcement, with responsibilities and authority defined in advance.

Sponsor / ProjectCo

Owns and executes the project

Funds required equity and remains responsible for project obligations.

Provides complete disclosure and ongoing cooperation.

Works within agreed governance, reporting and reserved matters.

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FGM

Participates on the project side

Underwrites the sponsor and development independently.

Maintains economic alignment, visibility and oversight.

Uses negotiated authority to pursue corrective action when required.

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Lender

Controls the lending relationship

Makes its own credit decision and structures the facility.

Retains security, covenants, administration and draw controls.

Preserves all remedies and enforcement discretion.

The precise interfaces among the parties are transaction-specific and must be established in definitive documentation.

Ongoing monitoring

Visibility focused on the issues that drive completion risk.

Reporting is intended to support clear decisions, not create administrative volume. The precise requirements are tailored to the project and FGM’s role.

Cost and contingency

Budget performance, commitments, changes, contingency use and current cost-to-complete.

Schedule and procurement

Critical path, long-lead items, approvals, tendering and material delay exposure.

Liquidity and capitalization

Equity funding, cash requirements, available sources and emerging shortfalls.

Construction performance

Progress, quality, contractor and consultant performance, claims and site conditions.

Sales, leasing and market

Absorption, pricing, deposits, leasing progress and changes to market support.

Covenants and material events

Compliance, disputes, legal matters, key-person issues and other developments requiring escalation.

The intervention path

Escalation should be defined before it is needed.

FGM’s intended response begins with information and corrective action. More direct authority is reserved for situations where risk becomes material and agreed triggers are met.

Issue identified

Variance, emerging risk or material event is documented.

Corrective plan

Responsibility, timing, funding and measurable actions are established.

Enhanced oversight

Reporting, approvals, site involvement or controls are increased.

Management action

Consultants, contractors, scope, leadership or execution systems may be changed.

Step-in / completion

FGM may exercise documented authority to stabilize and advance the project.

Decision discipline

Nothing is automatic.

Every project must earn its way through underwriting, structuring and approval. FGM’s participation is selective, transaction-specific and subject to definitive documentation.

Viability first

FGM cannot repair fundamentally unsupported economics, an unrealistic budget or an unworkable exit.

Alignment must be real

Sponsor equity, disclosure, cooperation, economics and rights must match the responsibilities FGM is asked to assume.

Approval is independent

FGM and the lender make separate decisions under their own standards and processes.

Support is separately considered

Any advance, letter of credit or ancillary commercial guarantee requires distinct underwriting, approval and documentation.