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What is a Finish and Exit Bridging Loan?
Ensuring the timely and efficient completion of a property development project can be challenging without the right financial support. A finish and exit bridging loan is a flexible financing option that provides quick access to funds, enabling you to complete your project on schedule.
Property developers aim to finalize and exit each project within budget and on time, repaying any bridging loans and moving on to new developments. However, unexpected issues can often derail these plans.
If you are nearing the end of your loan term with your current development finance and your project remains incomplete, or if you have run out of funds, a finish and exit bridging loan can be the solution.
Development exit loans are tailored to support partially completed projects. If your units are not fully developed, qualifying for standard development exit finance can be difficult. A finish and exit bridging loan allows you to refinance your current lender with terms typically spanning 12 to 18 months. These loans are usually interest-only, with the interest rolled up and repaid at the end of the term. The new lender remains in place until you implement your exit strategy.
In summary, if your project is approaching the end of its development finance term and is not yet complete, a finish and exit bridging loan can help you achieve practical completion without needing to extend your current loan facilities. This financing option provides property developers and investors with rapid access to additional funds and the necessary time to finish the project and sell the remaining units, even if they are not yet fully secure or weatherproof.
