100% Unsecured Loan from Private Credit Firm In Dubai

Curious how people here view the role of unsecured or lightly structured debt within a broader capital stack.

Recently came across a model where lenders are willing to finance up to full project cost, but place heavy emphasis on independent feasibility and risk analysis upfront, along with strong underwriting of the sponsor and project economics.

Minimum deal sizes were in the $3M+ range, and the approach seemed more focused on risk pricing and validation rather than traditional collateral-heavy structures.

From a PE perspective, does this type of capital ever make sense as part of the financing mix, or is it generally too far outside typical risk parameters?