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Last week, Clive Cowdery put forward a proposal to inject £400m into Bradford & Bingley through his investment vehicle.

It represents the latest development in the bid to rescue the troubled buy-to-let lender, which was forced into a repricing of its rights issue earlier this month after issuing a profit warning.

If given the go-ahead, the Resolution deal would cast aside private equity group Texas Pacific Group's (TPG's) proposed £179m investment to help Bradford & Bingley. It would also see the bank's £258m rights issue done away with.

Speaking to FTAdviser.com, a spokesman for Resolution said that a meeting had taken place with both Goldman Sachs and Lazards (both advisers on the deal). The outcome of which was that Resolution's proposal had been revised to smooth out concerns raised by Bradford & Bingley’s shareholders.

The shareholders were uncertain about the financing of the proposal and were concerned about the fact that Bradford & Bingley’s retail investors would not be able to participate in the plan.

"We do not yet have access to the books but we are hoping to hear later today," the spokesman said. "We have addresses the issues the shareholders had."

Bradford & Bingley is now expected to convene a board meeting to discuss whether to allow Resolution access to the books and conduct due diligence.

However, the Resolution spokesman said this was looking extremely likely as the lender's shareholders had originally approached Resolution to put forward a proposal, as they were unhappy with the TPG plan.

Resolution is pushing for Bradford & Bingley’s board to recommend its plan by 4 July.

The spokesman also revealed that Resolution had tried to contact TPG to discuss the proposal, but had not received a response to date.

Cowdery who has a 2.9 per cent stake in Bradford & Bingley is thought to be hoping to construct a banking sector takeover vehicle through the lender, under which a large number of small lenders would be targeted for consolidation.

Under the plan, Resolution would allow investors to buy shares to the tune of £400m and any stock not taken up would be rolled into this new vehicle, which aims to raise £2bn in capital over the next two years to buy assets such as companies or mortgage loan books.