Wey Bridging Finance completes £1.9m development exit loan for residential project

Wey Bridging Finance has supported a borrower with a £1.86m development exit loan.

The funding, completed at 62% LTV, refinanced existing borrowing and provided completion funding for the final stages of residential refurbishment.

The borrower acquired the property using a combination of personal capital and bridging finance before carrying out a comprehensive refurbishment of a substantial detached residence.

The development transformed the property into a premium family home.

As the refurbishment neared completion, the borrower required additional funding to complete the remaining works.

Their existing lender was unable to provide the further finance required, putting the project at risk of delay.

Wey Bridging Finance stepped in to refinance the existing borrowing and provide the the additional £300,000 needed to bring the development to completion.

The significant uplift between the property’s current value and projected GDV created a strong equity position, supporting a clear exit strategy through either the sale of the completed property or a long-term refinance.

Anum Truss, head of lending at Wey Bridging Finance (pictured above), commented: “Every deal has its own story.

“Rather than focusing solely on the challenges, we assess the overall risk profile and ask, 'How can we make this work?'

“When the fundamentals are sound, a pragmatic approach can unlock opportunities that benefit both the borrower and the lender.”