Wey Bridging Finance completes £520,000 development exit facility in 10 days

Wey Bridging Finance has delivered a £520,000 development exit loan for a property developer refurbishing a residential property in the southwest.

The borrower had reached the maximum borrowing capacity with their existing lender.

Additional funding was required to complete the remaining works, but their existing facility could not provide the flexibility or leverage needed.

With cash flow becoming increasingly important, the developer required a funding solution that could be arranged quickly and provide immediate access to capital.

The facility was structured at 75% LTGDV, enabling the borrower to release additional capital to complete the remaining refurbishment works and receive day-one net proceeds to support ongoing cash flow requirements.

The developer was able to exit their existing lender and move onto a more suitable funding structure.

Sale of the property upon completion of the refurbishment was agreed as the exit strategy.

Despite requiring both a full RICS valuation and legal due diligence, the funding was completed within 10 working days.

Jordan Hallows, CEO and founder of Wey Bridging, said: “This case demonstrates how a development exit facility can provide developers with the additional capital needed to complete works while improving cash flow and refinancing out of a restrictive funding arrangement.

“Completing the transaction in just 10 working days ensured the client could maintain momentum on the project."