Bridging · Refinance

Stalled site finance and lender refinance

When a facility is expiring, a lender has stepped back, or a site has stopped mid-build, the priority is a clear plan and a lender who understands the situation.

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How we approach a refinance or stalled site

Projects stall for many reasons: cost inflation, a contractor failing, a planning complication, or a lender changing appetite. Separately, many borrowers simply reach the end of a facility before the exit is ready. In each case, the existing lender’s position — and how much time remains — shapes what is possible.

We start by establishing the facts: the redemption figure, the remaining costs, the realistic value and the timetable. From there we look at whether a new lender can refinance the existing debt and fund completion, whether additional security or a mezzanine layer is needed, or whether a joint venture partner is the better route. We are straightforward about which option is realistic.

Typical uses

Replacing a lender whose facility has expired or is about to
Funding the cost to complete on a part-built scheme
Replacing a contractor and restructuring the build budget
Moving away from default interest by refinancing to a new lender
Restructuring a site with a joint venture partner when debt alone will not work

What lenders will look at

The current redemption statement, including any default interest or fees
An independent cost-to-complete report from a quantity surveyor
Why the project stalled and what has changed
The revised programme, contractor and exit

Questions

Frequently asked questions

Can I refinance if my existing lender is charging default interest?

Often, yes. A new lender will want to understand why the facility went into default and to see a credible plan from here. The redemption figure — including any default interest — needs to be supported by the value and the remaining costs.

Will a new lender fund the cost to complete?

Some will refinance existing debt and fund the remaining build in one facility. This depends on the cost-to-complete report and the leverage once all costs are included. Where the numbers are tight, mezzanine or equity can close the gap.

How early should I start a refinance?

As early as possible — ideally several months before the facility expires. A refinance that begins before expiry gives you more lender options and more negotiating room with the existing lender.

Have a bridging deal in front of you?

Send us the headline numbers. We will tell you plainly whether it is fundable, how we would structure it, and what we would need to take it to lenders.

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