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Mining & Infrastructure Financing
The Reserve Report Checked Out. The Bank Still Said No.
Mining and infrastructure deals get killed by conventional underwriting more than almost any other asset class we finance. It’s not the collateral. It’s the lender’s discomfort with commodity exposure, permitting timelines, and anything that doesn’t fit a standard CRE box. We’ve placed loans from $1M to $150M against mineral assets and infrastructure builds that two or three lenders already passed on, sourced from a network of 8,000+ private capital providers who underwrite the asset, not the industry code.
Who this is for
- Operating mineral asset acquisition or refinance. A producing quarry, aggregate operation, or mine with a reserve report in hand, and a bank that wants two more years of audited financials before it’ll talk.
- Infrastructure build-out. Water/wastewater treatment, power transmission, processing or beneficiation facilities, rail spurs — projects that need construction-style draws tied to milestones, not a single lump-sum advance.
- Equipment-heavy operations. Haul truck fleets, crushing and screening plants, processing lines — collateral that depreciates fast enough that most balance-sheet lenders won’t underwrite against it at all.
- Bridge to institutional take-out. You need capital now to get through a permitting gap, a production ramp, or a commodity-price dip, with a clean exit once cash flow or entitlements stabilize.
What actually gets these funded
Reserve or asset valuation is the floor, not the ceiling. A third-party reserve report (SK-1300, NI 43-101, JORC, or the domestic equivalent) sets the baseline. Private lenders don’t lend against spot-price NPV. They run the valuation at a conservative price deck and size the loan off that number. If your reserve report only pencils at today’s commodity price, that’s a data point we need to see up front, not a surprise in week three.
Permitting and regulatory status drive pricing more than the asset itself. Fully permitted and operating is one conversation. Permitted-but-pending, or pre-permit, is a different one, priced differently, with different structure. Private capital doesn’t decline on regulatory risk the way a bank does. It prices it.
Commodity-price sensitivity gets stress-tested, not assumed. Expect the lender to underwrite at 20-30% below current spot and check that reserve life still clears the loan term with room to spare. If it doesn’t clear at the stressed price, the deal isn’t dead. It usually means a smaller loan, a shorter term, or an equity component alongside the debt.
Why banks are slow or unwilling here, specifically: most balance-sheet lenders carry internal concentration limits on extractive industries, don’t have in-house geologists or engineers to sanity-check a reserve report, and price environmental liability as a reason to decline rather than a variable to structure around. Private lenders bring in third-party technical review, price the environmental and permitting risk into the rate and structure, and lend against the asset’s recoverable value in a bad case, not its story in a good one.
None of that means every deal gets done. It means a prior rejection, a low reserve valuation, or a permitting delay is a structuring problem first, not a disqualifier.
What we need from you to start
- Asset or project description
- Current valuation (reserve report if available) or total project cost
- Loan amount requested
- License and regulatory status — permitted and operating, pending, or pre-permit
- Permits status
- General contractor
- Take-out plan (refinance, sale, or stabilized cash flow)
Mining and infrastructure loans are quoted per deal. There’s no published rate sheet for this category, because there shouldn’t be. Submit the deal, and an underwriter with actual mining and infrastructure experience calls you back within one business day. No cost to apply. No credit pull at inquiry. If the reserve report and the permit status are real, we’ll find the lender who says yes.