Build it
Build it
Development finance
Ground-up, conversion and part-built schemes, from site purchase to exit.
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Development finance
Which cap binds, loan to cost or loan to GDV, and the real day-one equity.
Build to Rent development
Underwritten on stabilised yield and DSCR, not sales rate.
Mezzanine and stretched senior
The gap between senior LTC and what you can fund, and the true blended cost.
Heavy refurbishment and conversion
Where refurbishment stops being a bridge: structure, change of use, drawdowns.
Part-built and rescue finance
Valuing an unfinished asset when the contractor has gone.
Bridge it
Bridge it
Bridging finance
Short-term debt where the deadline, the asset or the exit will not wait.
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Purchase bridge
Completing before the money is in place: chain breaks, tight deadlines, unmortgageable stock.
Development exit finance
Off development debt at a lower rate, to buy sales time and release equity.
Auction finance
A 28-day clock, and what must be in place before the hammer falls.
Pre-planning and planning gain
Lending against current value with planning upside.
Below market value purchase
Day-one lending against open market value rather than price.
Second charge and capital raising
Raising against existing assets, and first-charge consent.
Light refurbishment finance
Bridge plus refurb tranche, and where the development boundary sits.
Also structuredBridge to let and refinance
Hold it
Hold it
Mortgages and term finance
Long-term debt against income, once the asset is built, let or trading.
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Buy to let mortgages
ICR stress testing, limited company against personal, portfolio rules.
HMO mortgages
A higher cover test, licensing, and the two valuations a lender takes the lower of.
Commercial term, investment
Tenant covenant and lease term, and why DSCR sets the loan.
Commercial term, owner-occupier
Trading accounts and EBITDA rather than rent roll.
Portfolio refinance
Cross-collateralisation, and one facility against individual loans.
Stabilisation and term refinance
The income test replacing the GDV test, and the letting void before term debt engages.
Co-living and PBSA
An operational asset valued on income, and the operator covenant.
Run it
Run it
Business finance
Funding the business behind the property, secured on the ledger, the equipment or the covenant.
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How we work
Case studies
Articles
Tools
Development finance calculator
Size the facility against site cost, build cost and GDV.
Development exit calculator
Refinance the development facility and release equity at PC.
Bridging finance calculator
What a bridge costs, and what actually clears on day one.
Refurbishment finance calculator
Fund the purchase and 100% of the works, with interest rolled to exit.
BTL rental cover calculator
The rent a buy to let must achieve to clear a lender's cover test.
Commercial mortgage calculator
What a commercial property's income will support, and what it costs.
About
Enquire now
Once a scheme is built, let or trading, the question a lender asks changes completely. Development lending is underwritten on what an asset will be worth. Term lending is underwritten on what it earns, and whether that income covers the debt with room to spare.
Which income test applies depends on the product, not the building. A buy to let is measured on interest cover, the rent against the interest at a stressed rate well above the pay rate. A commercial term loan is measured on debt service cover, the net income against the full payment including capital. The two produce very different answers on the same asset, and knowing which one you are being judged against is usually the difference between a loan that works and one that does not.
That shift catches developers out at the wrong moment. A scheme can be finished, valued well, and still fail to refinance because the units are not yet let, the leases are too short, or the covenant behind the rent is weaker than the building suggests.
Which test applies to you
Interest cover on buy to let, stressed above the pay rate. Debt service cover on commercial term, including capital. We model the one that will actually be used.
The stabilisation gap
Term lenders want occupancy and evidence of it. We plan the bridge that carries the scheme across that gap rather than discovering it late.
Covenant and lease term
On commercial, the tenant and the unexpired term matter more than the postcode. Unexpired term below a lender's floor changes the whole conversation.
One facility or many
A portfolio can be refinanced asset by asset or cross-collateralised into one facility. The choice affects release of equity, and how easily you sell one unit.
What we arrange
Every product under Hold it, in one place.
Buy to let mortgages
ICR stress testing, limited company against personal, portfolio rules.
HMO mortgages
A higher cover test, licensing, and the two valuations a lender takes the lower of.
Commercial term, investment
Tenant covenant and lease term, and why DSCR sets the loan.
Commercial term, owner-occupier
Trading accounts and EBITDA rather than rent roll.
Portfolio refinance
Cross-collateralisation, and one facility against individual loans.
Stabilisation and term refinance
The income test replacing the GDV test, and the letting void before term debt engages.
Co-living and PBSA
An operational asset valued on income, and the operator covenant.
Which lenders play here
Clearing and challenger banks, buy to let and commercial term lenders, and specialist funders for co-living, PBSA and operational assets.
ICR
The buy to let test, rent against stressed interest
DSCR
The commercial test, net income against full debt service
Ltd
or personal ownership, and it changes the sums
£300k
to £20m and above
Indicative, and not an offer. What a lender will actually do depends on the scheme, the borrower and a full valuation.
What to have ready
Bring these and we can tell you where you stand.
Not a formality. Each one is something a lender will ask for, and having it early is the difference between a fast answer and a slow one.
✓Rent roll, or the letting assumptions and evidence for them
✓Leases, with unexpired terms and break clauses
✓Ownership structure, limited company or personal
✓Existing debt across the portfolio, and expiry dates
✓Most recent valuation, and the basis it was done on
✓For owner-occupier, two to three years of accounts
Related work
Schemes we funded in this space.
Specialist Finance
Development Loan Secured Against Existing Assets, Northamptonshire
£960k loan · Northamptonshire
Specialist Finance
North Wales Development + North London Refurbishment
c.£5m GDV · North Wales and London
Debt Advisory
Development Exit Bridge for Woodland Mews, West Midlands
£1.7m loan · West Midlands
Where does yours sit?
Send us what you have. We will tell you what is fundable and what needs work first.
Specialist property finance for developers who want the numbers to survive underwriting.
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Fundingwise Limited is not authorised or regulated by the Financial Conduct Authority, and arranges unregulated finance only. That means lending secured against commercial property, or against residential property that is not, and will not be, occupied by the borrower or an immediate family member as a main residence. We do not advise on or arrange regulated mortgage contracts or regulated bridging loans. Because this finance is unregulated, FCA conduct rules and access to the Financial Ombudsman Service do not apply. Fundingwise Limited is registered in England and Wales, company number 13750788.