UK tax fund Foresight has had to pull out of Michael Winterbottom's Tristram Shandy and FilmFour's quirky Brothers Of The Head, citing what it says is the latest problem to hit the UK financing sector.
The fund has just bankrolled Terry Gilliam's Tideland but had to abandon the other two films on its debut slate after delays in securing a bridging loan against the $12m (£6.5m) investment it had been pledged by investors.
Foresight co-founder Paul Brett said that banks across the sector were taking extra time scrutinising deals, as uncertainty mounts in the run up to the expiry of tax mechanism Section 48.
"This is hanging over all the industry," said Brett. "Because of December 10, and Feb 10, the headline stuff, high street banks are really scrutinising the sector."
Nevertheless, Winterbottom's Tristram Shandy, starring Gillian Anderson, has managed to repair its financing through another tax fund, Scion.
Additional backing comes from BBC Films, US distributor Newmarket and regional UK support. Brothers Of The Head, by Lost In La Mancha directors Keith Fulton and Louis Pepe, is understood to have secured support from FilmFour.
Brett said that Foresight was already lining up its next slate, which will include two films with Recorded Picture Co, the UK production company behind Tideland. Carine Adler is set to direct Stray, her long-awaited follow-up to Under The Skin, while Julien Temple is working on a 30-year retrospective of Glastonbury.
"We were really disappointed to have to leave both films," says Brett. "All three - Tideland, Brothers Of The Head and Tristram Shandy - look good enough to be at Cannes next year."