Development exit finance agreed before practical completion

The Scenario

Our client had two plots on a development site in rural Kent for luxury executive homes, with a total GDV of £2.9M.

When he came to us for refinance he had a month left on his 12-month development finance terms. He was two weeks away from practical completion on the first plot and two months away from practical completion on the second. But his current lenders couldn't extend. 

The Solution

Most development exit lenders aren’t willing to consider refinance on projects that aren’t at practical completion stage.

We took his case to a lender who has the capacity to waive standard criteria and offer bespoke lending packages, and formulated a solution which allowed for further staged drawdown, maximising borrowing at each stage.

Terms were offered within two weeks, with the formal offer available two weeks later, and the new exit finance extends our client's borrowing for a further nine months. 

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