Without the purchase orders being granted, the banks were reluctant to give the funding go-ahead for the project.
Ashburton Grove was put on hold earlier this year after the club failed to secure the money.
Arsene Wenger, meanwhile, has admitted that Arsenal's Champions League involvement has had a detrimental effect on their Premiership campaign.
The team have dropped four points in their last two matches by drawing at home to Fulham and away at Leicester.
Both games followed the 5-1 demolition of Internazionale in the Champions League, which set up this week's crucial match with Lokomotiv Moscow. A 2-0 win over the Russians saw them into the last 16.
"I think it will help that Europe is out of the way now," said Wenger ahead of Sunday's visit of Blackburn. "Since we played at Inter, the decisive game against Lokomotiv was in the minds of my players and we dropped some points.
"Now we have two months to focus on the league. We are still unbeaten and now we want to regain winning habits again."
Wenger may play Ray Parlour on Sunday and give Freddie Ljungberg a rest ahead of the busy Christmas and New Year schedule.
Arsenal v Blackburn Rovers, Highbury, Sunday, 2pm, live on pay-per-view TV
