The company behind a troubled condominium project in Paget is going through a "refinancing package" - but it insists the development will be finished.

The Wharf Development Company is two years behind schedule in its plans to build 17 luxury condominiums at Harbour Road, Paget, and an executive hotel.

Tennis star Patrick Rafter has already pulled out of buying his condominium because the project has dragged on for so long.

Company spokesman Martin Pollard admitted the project, which has been contracted to Sealand Construction, was behind schedule and that a team of Canadians had been brought in on short-term work permits to finish off part of the Wharf Executive Hotel. The condominiums, which have between two and four bedrooms, are selling for between $700,000 and $1.7 million.

Mr. Pollard told The Royal Gazette last night that the company had had to refinance the operation with the Gibbons Company because the development had taken so long.

"The hotel is going along very well. The other development is in the middle of a refinancing package which we are concluding," he said. "When you get a financing package and time runs, and we are running late, we are just putting the finance in order because time went by. We are behind schedule, but it's 85 percent complete and we're aiming for an April opening."

When asked if there was any doubt the project would be completed, he said: "None whatsoever."

Bermuda Resort Hotels (BRH), which also owns the Harmony Club and Surf Side, said yesterday it was confident it's other property, the Wharf Executive Hotel, will open by April.

BRH President Billy Griffith said: "Although work has slowed down on the hotel, it is still continuing and we still expect to be completed on time and we are looking for an April completion.

"Bermuda Resort Hotels does not have a contract with Sealand, the contract is with the Wharf Development Company to build the Wharf Executive Hotel. Coincidentally, some of the principals of Sealand and the Wharf Development Company are one and the same."