The structure was never the problem

Most people assume a deal lives or dies on whether the structure is right.
Get the security, the cash flows, and the instrument correct, and the rest is administration.
That belief is comfortable. And it is wrong.
The hardest part is rarely the funding. It is the choreography.
Several counter parties, each with its own approvals, timelines, and internal incentives, all of whom must move in a particular sequence for the structure to hold.
I have seen well-funded, well-designed transactions collapse for this reason alone. Not because the money was missing. Because one party could not release until another moved, and that party would not move until a third acted, and the sequence never closed.
The capital was ready. The coordination was not.