Debt against tax refunds is a common funding mechanism, easily obtained in the cash-burn sector.
The lender just does due diligence to assure themself that the refund is real and is coming.
There is usually 100% certainty on the refund and they commonly are repaid within 6 months when the refund comes. They are very common against R&D Tax Incentive Refunds.
Ann: Project Updates, page-35
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