CFADS (Project), or Cash Flow Available for Debt Service for a property development project, represents the net operational cash generated after operating costs but before financing costs, taxes, and capital expenditures. It is a key metric in property development finance UK, used by lenders and developers to determine whether a project can sustainably meet its debt obligations and support working capital needs. Calculated as operating income minus operating expenses, CFADS (Project) informs debt sizing, loan structuring, and project risk assessment, providing insight into the financial runway and overall cash flow efficiency for UK property development projects.
This sits beneath Working Capital & Runway, introducing a more specific variant of the measure without changing its core interpretation. It is commonly considered alongside Net Cash Flow to Total Commitments, as both are closely related measures used to assess similar aspects of performance or risk. In funding terms, CFADS (Project) is most commonly encountered in connection with Interest-on-Drawn Only within the property development capital stack.
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