GCCP
Grand Canal Capital Partners
BPA Project · Debt Origination
In Partnership With
Segat

BPA Pre-Qualification Questionnaire

A pre-mandate intake instrument for prospective borrowers seeking long-dated, fixed-rate, insurance-backed senior debt. Mirrors the diligence questions that UK Bulk Purchase Annuity (BPA) lenders — SONG Capital, Alpha Real and peers — ask before committing to Heads of Terms. Completed form routes directly to GCCP's 60-point scoring model.
Restricted · Partner use · Institutional BPA Capital · Target: £/€100m – £/€1.25bn senior debt
Borrower 
Sponsor / Group 
Sector 
Jurisdiction 
Date 
GCCP Lead 
Source of Opportunity 
Stage 
Who This Qualifies
Borrowers, sponsors and their advisors exploring insurance-backed term debt at institutional scale. One completed form gives GCCP enough to decide whether to proceed to full scoring, partner introduction, or polite decline.
Who This Qualifies Us
We only arrange debt we can place. This form is also our own gate: it confirms fit against SONG Capital and Alpha Real's fixed, long-dated, senior-only product set before any capital introduction is made.
How to Use It
Work top-to-bottom. Section A is a 10-point instant-reject gate — one "red" and the conversation stops. Sections B–H build the 60-point score. Section I routes the outcome. Blanks are a result. Partial answers are acceptable at intake.
Section A

Instant-Reject Gate · 8 Questions

BPA capital is insurance capital. It matches pension liabilities with long-dated, fixed, predictable real-asset cashflows. If any answer below is "red", the opportunity is not placeable with SONG or Alpha — the conversation ends here. This is a structural constraint, not a preference.

1
Is the rate required to be fixed (EUR) or RPI/CPI-linked with cap and floor (GBP)?Floating (SONIA / EURIBOR / prime) = structural reject. Insurers cannot accept variable cashflows against fixed liabilities.
Yes
No = STOP
2
Is facility size at least €/£100m (ground debt) or €/£150m (senior term)?Below BPA efficient scale the deal cannot absorb insurer structuring costs. Aggregation across multiple facilities under one sponsor counts.
Yes
No = STOP
3
For EUR ground debt: is indexation via fixed annual uplift (1.5–2.5%) rather than CPI/HICP?EUR inflation-indexed ground debt is structurally unavailable. Do not accept CPI / HICP indexation proposals on continental deals.
Yes / N/A
No = STOP
4
Is the asset freehold (or long leasehold ≥ facility tenor + 5yr buffer)?Short-lease leasehold cannot support long-dated debt — refinance risk too high. Short-lease assets must route to senior term only.
Yes
No = TERM only
5
Is lending senior secured only? (No mezz, subordinated, PIK or bridge)BPA lenders do not take junior positions. If the capital stack requires subordinated capital, route elsewhere.
Yes
No = STOP
6
Is the borrower genuinely seeking external debt (not a hyperscaler / sovereign likely to self-fund)?Hyperscaler tenants (AWS, Google, Meta, Microsoft) self-fund; hyperscaler borrowers self-fund. Engagement risk = structural reject.
Yes
No = STOP
7
Is income contracted (not merchant / spot)? If renewables, is CfD/PPA coverage ≥75%?Merchant exposure >25% = reject. BPA capital cannot underwrite unhedged volume or spot price risk.
Yes
No = STOP
8
If development: can the borrower satisfy the 8-point development checklist? (25% operational, IG tenant, GMP contract, perf bond ≥10%, monitoring surveyor, sponsor guarantee, long-stop, cash-trap)Pure speculative development is not financeable by BPA capital. All 8 points required for development-backed facilities.
Yes / N/A
No = STOP
Gate Rule: If any answer above is flagged "No / STOP", the opportunity does not proceed to BPA placement. GCCP may still route to an alternative capital provider (Alpha Real for £50m–£100m, debt funds for bridge/value-add, banks for floating-rate). Decline with dignity; preserve the relationship.
Section B

Asset & Borrower Profile

Feeds Factor 2 (Size) · Factor 4 (Operational) — up to 23 points

What is being financed and who owns it. BPA lenders lend against real assets with insurance-grade income; the underlying bricks, plant or infrastructure matter more than the borrower's balance sheet.

B1 · Asset Class Sector Fit
What is the asset class and sub-sector?
e.g. Grocery (UK supermarket freeholds), Healthcare (NHS / private hospitals), Data Centres (co-location, non-hyperscaler), Utility-scale solar + CfD, etc.
B2 · Asset Description Scale & Vintage
How many assets, total GIA / MW / beds / keys / stores, and year(s) built?
Institutional lenders value diversification within a facility — a 50-store freehold portfolio is different from one trophy site.
B3 · Geographic Spread Jurisdiction Fit
Country and regional concentration of assets?
Core markets: UK, Ireland, France, Germany, Iberia, Netherlands, Nordics. Gateway cities preferred for hotels and PBSA. Flag non-core immediately.
B4 · Freehold vs Leasehold Product Fit
What % of the portfolio is freehold? If leasehold, what is the unexpired term?
Freehold = ground debt eligible (30–55yr, zero covenant). Short leasehold = senior term only. This is the primary product-routing question.
B5 · Most Recent Valuation LTV Anchor
Most recent market valuation: value, date, appraiser, methodology?
BPA lenders require a reputable independent appraiser (Big 5). Valuation >18 months old will require refresh before HoTs.
B6 · Operational Status Factor 4 /8
What % of the asset base is stabilised operational income vs lease-up vs development?
Fully stabilised = 8/8. ≥25% operational + IG tenant covenant = 4/8. Pure development = 2/8 and invokes the 8-point checklist.
100% stabilised ≥25% operational <25% operational
B7 · ESG Credentials Insurer Screen
BREEAM / EPC / energy intensity / taxonomy alignment? Any brown-to-green capex plan?
BPA insurers increasingly screen for EU taxonomy alignment and SFDR classification. "Brown" assets at BBB- and below face rising capital charges.
B8 · Ownership Structure Security Path
How is title held? SPV, ring-fenced PropCo, listed REIT, regulated entity, sovereign subsidiary?
Lenders need a clean security path — ideally PropCo / SPV holding freehold, separated from operating risk. Regulated / sovereign ownership adds covenant strength.
Section C

Income Profile & Counterparty Quality

Feeds Factor 1 (MA Eligibility) · Factor 3 (Counterparty) — up to 30 points

The single most important pillar. BPA capital qualifies for Matching Adjustment (MA) benefit only if the income stream is fixed, long, from an investment-grade or quasi-IG payer. This is where deals win or die.

C1 · Rental / Revenue Income MA Factor 1 /20
Who pays the rent or underlying revenue? Top 5 tenants / counterparties by income share?
MA eligibility depends on payer credit. Name and concentration matter. A government tenant at 30% of income is different from 30 unrated SMEs.
C2 · Tenant / Counterparty Ratings IG Gate
Published S&P / Moody's / Fitch ratings for top tenants? If unrated, proxy (parent guarantee, revenue, sector)?
IG (BBB-/Baa3 or stronger) = full MA benefit. Crossover = case-by-case. Sub-IG = Factor 3 downgraded; may still work for ground debt.
C3 · WAULT Duration Fit
Weighted Average Unexpired Lease Term (to break and to expiry)?
Ground debt wants WAULT ≥ tenor + 5yr buffer. Senior term wants WAULT ≥ 10yr. Short WAULT = refinance risk = insurer concern.
C4 · Rate Type on Existing Income H2 Gate
Is income fixed, RPI/CPI-linked (with cap & floor), upward-only, market-review, or merchant/spot?
Fixed or capped-indexed income = MA eligible. Uncapped CPI / pure market review / merchant = structural problem.
Fixed RPI/CPI capped Upward-only Uncapped CPI Merchant
C5 · Indexation Mechanics EUR / GBP split
For GBP: what's the cap / floor / frequency on the index? For EUR: fixed uplift %/yr?
GBP standard is 0% floor, 4–5% cap, annual or 5-yearly. EUR standard is 1.5–2.5% p.a. fixed uplift — never CPI/HICP.
C6 · Rent Cover / ICR Covenant Headroom
Current rent cover (EBITDAR/rent) or ICR at asset and group level?
Ground debt: 1.4x cash trap / 1.3x default. Senior term: 1.4x/1.3x. Target 2.0x+ going-in for cushion.
C7 · Contract Protections Covenant Strength
Rent deposit / bank guarantee / parent guarantee / step-in rights / break penalty structure?
Institutional lease protections reduce re-let risk and strengthen MA case. Flag any unusual break rights or mutual termination clauses.
C8 · Revenue Concentration Risk Factor 3 /10
Top 3 tenant / customer concentration (% of total income)? Any single-tenant buildings?
Single-tenant IG = strong (Morrisons, Circle Health pattern). Single-tenant sub-IG = weaker. Diversified SME = sector-dependent.
Section D

Existing Debt Stack

Feeds Factor 6 (Catalyst) — up to 2 points · qualifies refi opportunity

What's on the balance sheet today, what's maturing, and what security is already in place. This determines refinancing complexity, consent pathways, and whether SONG is being asked to replace one tranche or the whole stack.

D1 · Total Gross Debt Stack Overview
Total drawn and committed debt across all facilities at borrower and group level?
Establishes context. Alongside valuation (B5), gives a pro-forma LTV pre- and post-transaction.
D2 · Tranche-by-Tranche Breakdown Refi Map
Per tranche: lender(s), facility size, margin, rate type (fixed/floating/bond), currency, original tenor, maturity, covenants, amortisation?
The single most diagnostic table at intake. A maturity wall, a floating-rate tranche, or a springing trigger often creates the catalyst. This is also where Alpha Real / bank / bond / SONG boundaries become clear.
D3 · Security & Ranking Structural Fit
What security is pledged today? First-ranking? Shared with other lenders? Negative pledge in place?
SONG and Alpha are senior-secured only. Existing second-lien or intercreditor arrangements need to be understood before HoTs.
D4 · Prepayment / Make-Whole Exit Cost
Any prepayment penalties, make-whole clauses, or Spens on existing facilities / bonds? Expected break cost?
Determines whether refinancing now is economic. A bond with 5yr to go at 6.5% may cost more to break than the saving from refinancing to 5.2% fixed.
D5 · Incumbent Lender Relationships Consent Risk
Who are the relationship banks / bond investors today? Any pending covenant waivers, amendments, or strategic reviews?
Consents can gate timing. A sponsor in a strategic review (Triton/Bridgepoint pattern) or carve-out can slow refinancing by quarters.
Section E

Financing Sought

Feeds Factor 2 (Size Fit) — up to 15 points · product routing

What the borrower actually wants. This is the matching step — the answers here map onto SONG's senior term or ground debt credit boxes, and trigger the Alpha Real routing decision for smaller facilities.

E1 · Purpose of Facility Use of Proceeds
Refinance, acquisition finance, capex, distribution/recap, M&A, sale-and-leaseback, or green transition?
Refi and acquisition finance are the BPA sweet spots. Pure distribution/recap is harder. Sale-and-leaseback is the canonical ground debt trade.
Refinance Acquisition Capex SLB Pure recap
E2 · Facility Size Factor 2 /15
Target size (min / target / max)? In what currency?
PRIMARY ≥€/£200m = 15. FLEX €/£150–199m = 10. EXCEPTION €/£100–149m = 5. Ground debt min €/£100m. Below = reject or route to Alpha Real.
E3 · Tenor Duration Match
Target tenor? Bullet or amortising?
Senior term: 10–30 years bullet. Ground debt: 30–55 years fully amortising. Anything <10 years is a bank / debt-fund product, not BPA.
E4 · Rate Structure Sought H2 · H3
Fixed-rate coupon? Indexed? If indexed, what mechanism and what cap/floor?
Must pass the H2/H3 gate. Any request for floating or uncapped-inflation kills the BPA path immediately.
E5 · Target LTV Structural Fit
Target loan-to-value at closing? Borrower's equity contribution?
Ground debt: 30–40% typical, max 45–50% (Central London 50%). Senior term: 40–50% standard; up to 55–60% for PRS/BTR.
E6 · Covenant Appetite Product Fit
Is borrower open to: zero covenant (ground debt), standard covenants (senior term, 1.4x/1.3x), or covenant-lite only?
Covenant-lite ≠ BPA product. Full-covenant senior term or zero-covenant ground debt only. Borrower expectation-setting starts here.
E7 · Expected Pricing Calibration
What pricing is the borrower currently assuming (bps over swaps or absolute all-in)?
SONG's range: 250–350bps over Mid-Swaps. If borrower expects 150bps (bank pricing) or 500bps (debt fund), there is a conversation gap to close.
E8 · Security Package Offered Structural Fit
Freehold pledge? Share pledge on SPV? Parent guarantee? DSRA? Capex escrow?
BPA lenders expect institutional-quality security: first-ranking charge, 12-month DSRA, and capex escrow for operational assets.
Section F

Sponsor & Covenant Strength

Feeds Factor 3 (Counterparty) · Factor 4 (Operational) — supplemental scoring

Who stands behind the borrower? BPA insurers underwrite to a "would a pension fund trust this sponsor for 30 years?" standard. Track record, balance sheet and regulatory status all feed the covenant picture.

F1 · Sponsor Identity Institutional Screen
Ultimate beneficial owner(s)? Listed / PE / sovereign / insurance / strategic?
Listed plc, sovereign, regulated utility and institutional PE = strong. Family office, single-asset SPV, undisclosed UBO = diligence heavy.
F2 · Sponsor Track Record Sector Expertise
Years operating in this sector / geography? Prior deals of comparable size?
BPA lenders want an operator, not a passive investor. Sector-specific track record reduces underwriting discount.
F3 · Sponsor Balance Sheet Guarantee Capacity
Sponsor net assets, available liquidity, and leverage at holdco level?
Guarantees are only as good as the balance sheet behind them. Listed fund >50% gearing = over-geared and fails pre-screen.
F4 · Guarantees Offered Structural Fit
Personal guarantee? Parent guarantee? Performance bond? Completion guarantee (development)?
Development-backed facilities require sponsor guarantee as point 6 of the 8-point checklist. Operational senior term typically wants parent guarantee or strong SPV only.
F5 · Regulatory Status Covenant Quality
Is the borrower / sponsor regulated (utility, healthcare, financial services)? Sovereign-backed?
Regulated utility cashflows (CRU, Ofwat, Ofgem) and sovereign-backed revenues = pension-grade. Major Factor 3 lift.
F6 · Strategic Review / M&A Process Risk
Any live strategic review, sale process, public offer, or IPO at sponsor or asset level?
M&A-driven refinancings create urgency but also process risk. Flag advisors, timeline and decision milestones.
Section G

Catalyst & Timing

Feeds Factor 6 (Timing / Catalyst) — up to 2 points

Why now? Without a catalyst, deals drift. BPA placement cycles run roughly 8 weeks from Heads of Terms to Exchange, plus a further 5 business days to Completion. Borrowers should plan backwards from a hard event.

G1 · Primary Catalyst Driver
What is the single most important event driving the financing?
Maturity wall, M&A completion, IPO proceeds, sale closing, capex deadline, regulatory licence, rating trigger, sponsor exit.
G2 · Target HoTs Date Process Anchor
When does the borrower need Heads of Terms signed?
SONG DD cycle: 8 weeks HoTs→Exchange + T+5 Completion. Back-solve from hard stop.
G3 · Target Completion Date Hard Stop
What is the drop-dead date for funds in hand?
Maturity, SPA long-stop, regulatory deadline, or publicly disclosed refinancing window.
G4 · Process Type Competitive Dynamics
Bilateral, limited process (3–5 lenders), full auction, or public bond-style?
Bilateral / limited process = BPA sweet spot. Full auction against bank syndicates tends to compress margin below BPA appetite.
Bilateral Limited (3–5) Auction Public bond
Section H

Relationship & Access

Feeds Factor 5 (Relationship) — up to 5 points

How GCCP came to the opportunity and what access we have. Warm-introduction deals close 3–4x faster than cold ones. Access also determines GCCP's fee entitlement and any pipeline-conflict check with SONG.

H1 · Source of Introduction Factor 5 /5
How did GCCP first engage with the opportunity? Warm intro / network referral / advisor-led / direct / cold?
Warm = 5. Network pathway = 3. Cold = 1. Also sets the expected communication cadence and respect-of-process.
Warm Network Advisor Cold
H2 · Existing BPA Relationships Pipeline Conflict Check
Has the borrower previously engaged with SONG Capital, Alpha Real, Rothesay, L&G, PIC, or any BPA insurer directly?
Critical pre-outreach check. GCCP fee entitlement depends on the target being off-SONG-pipeline. Never surface SONG pre-clearance externally.
H3 · Advisor Mandate Process Transparency
Is there an appointed debt advisor? (Rothschild, Eastdil, CBRE, Hodges Ward Elliott, etc.)
Advisor-led processes are more formal and slower but benchmark pricing clearly. Unadvised processes are faster and give GCCP more structuring latitude.
H4 · GCCP Lead & Fee Model Internal Routing
Which GCCP partner owns the relationship? Any existing fee split (e.g. Natif, Segat, co-introducer)?
AS (DCs / IE / Infra), JH (PRS / PBSA / CE healthcare / FR), CB (Grocery / IE / MCore), DM (Hotels / HP / Pubs / PE). 1% arrangement fee standard unless split already agreed.
Section I

Preliminary 60-Point Score

Tier A ≥45 · Tier B 35–44 · Tier C 25–34 · Reject <25

The answers in Sections B–H map directly to GCCP's 60-point scoring model. This panel is a preliminary read — final scoring uses the full credit box (see docs/credit/song-scoring-detail.md).

Factor 1
MA Eligibility
WALT · fixed income · IG tenant · freehold
__ /20
Factor 2
Size Fit
≥€/£200m=15 · €/£150–199m=10 · €/£100–149m=5
__ /15
Factor 3
Counterparty
IG tenant · sovereign · regulated covenant
__ /10
Factor 4
Operational Status
Stabilised=8 · 25%+ op=4 · Development=2
__ /8
Factor 5
Relationship
Warm=5 · Network=3 · Cold=1
__ /5
Factor 6
Catalyst / Timing
Maturity · M&A · refi trigger
__ /2
Preliminary Total
__ / 60
REJECTMONITORDEVELOPPURSUEIC
Below 25 = structurally misaligned · 48+ escalates to Investment Committee (V5.1)
BPA Appetite
__ / 10
Sector tier (10/10 Tier 1 · 9/10 Tier 2 · 8/10 Tier 3 · 7/10 Tier 4 · 6/10 Tier 5)
Recommended Route
Pursue · Develop · Monitor · Reject
Set after scoring — triggers the routing cards below.

Routing Decision

Pursue
Score ≥45
Assign GCCP relationship lead. Move to full 60-point scoring. Draft deal sheet (see song-dealsheet skill). Request SONG pre-clearance via internal channel. Target HoTs within 4–6 weeks of pre-clearance.
Develop
Score 35–44
Secondary pipeline. Build relationship with sponsor / advisor. Targeted diligence on the weakest factor. Re-score monthly. Escalate on material improvement (catalyst event, IG tenant signing).
Monitor
Score 25–34
Weekly pipeline tracking. No active pursuit. Watch for catalysts (refi wall, lease signing, rating migration). Re-score monthly. Candidate for Alpha Real if size is £50–100m.
Reject / Reroute
Score <25 or Gate fail
Not placeable with SONG or Alpha. Decline with dignity. Route to alternative capital where possible: banks (floating), debt funds (value-add / bridge), specialist lenders. Preserve the relationship.