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- Glossary
Reference
Every term you’ll meet,
defined plainly.
Development finance uses its own vocabulary — LTGDV, WAULT, CIL, preferred equity, monitoring surveyor. This is the plain- English definition of every term you’ll see on a term sheet or valuation report.
- Terms defined
- 153
- Letters in use
- 24
- Jargon allowed
- None
A
7 termsAbsorption Rate
The rate at which available homes or units are sold or let in a given market over a specific period, usually expressed as units per month.
Development FinanceDevelopment ExitAffordable Housing
Housing provided at below market rates to eligible households, including social rent, affordable rent, shared ownership, and First Homes, as defined by Annex 2 of the NPPF.
Development FinanceAir Rights
The right to develop or build in the airspace above an existing building or piece of land, which can be purchased or leased separately from the ground-level property.
Development FinanceAML/KYC (Anti-Money Laundering / Know Your Customer)
The regulatory due diligence process that lenders, brokers, and solicitors must complete to verify the identity of borrowers and the legitimate source of their funds.
Development FinanceBridging LoansMezzanine FinanceAnchor Tenant
A major tenant whose presence in a commercial development attracts other tenants, customers, or footfall, typically occupying a significant proportion of the available floorspace.
Commercial MortgagesDevelopment FinanceArrangement Fee
A fee charged by the lender for setting up a loan facility, typically expressed as a percentage of the gross loan amount.
Development FinanceBridging LoansArticle 4 Direction
A direction made by a local planning authority that withdraws specific permitted development rights in a defined area.
Development FinanceRefurbishment Finance
B
13 termsBarn Conversion
The conversion of a redundant agricultural building into residential or commercial use, often undertaken using Class Q permitted development rights or full planning permission.
Development FinanceBridging LoansRefurbishment FinanceBase Rate
The interest rate set by the Bank of England's Monetary Policy Committee, which serves as the benchmark for variable-rate lending across the UK financial system.
Development FinanceBridging LoansCommercial MortgagesBest Endeavours
A contractual obligation requiring a party to take all reasonable steps to achieve a specified outcome, even at significant cost or inconvenience to themselves.
Development FinanceBlended Rate
The weighted average interest rate across multiple tranches of debt in a capital stack, reflecting the combined cost of senior and mezzanine or junior debt.
Development FinanceMezzanine FinanceBorrower Covenant
The financial strength, track record, and creditworthiness of the borrower as assessed by the lender during underwriting.
Development FinanceBridging LoansMezzanine FinanceBreak Clause
A provision in a lease that allows either the landlord or tenant to terminate the tenancy before the contractual expiry date, subject to specified conditions and notice periods.
Commercial MortgagesBridging Loan
A short-term secured loan used to bridge a gap between a purchase and a longer-term funding solution or sale.
Bridging LoansBrownfield
Previously developed land that is or was occupied by a permanent structure, as defined in Annex 2 of the National Planning Policy Framework (NPPF).
Development FinanceBridging LoansBuild Cost
The total cost of construction works on a development project, typically including materials, labour, preliminaries, and contractor margins.
Development FinanceRefurbishment FinanceBuild to Rent (BTR)
Purpose-built residential accommodation designed specifically for the private rental market rather than individual sale, typically held as a single investment by an institutional owner.
Development FinanceMezzanine FinanceBuilding Control
The regulatory function responsible for ensuring that building work complies with the Building Regulations 2010, carried out either by the local authority building control service or an approved inspector.
Development FinanceRefurbishment FinanceBuilding Regulations
The statutory standards that all building work in England and Wales must comply with, covering structural integrity, fire safety, energy efficiency, drainage, and accessibility.
Development FinanceRefurbishment FinanceBulk Discount
A reduction in the per-unit purchase price offered when a buyer acquires multiple units in a single transaction, commonly applied in forward-sales to housing associations or institutional investors.
Development Finance
C
19 termsCap Rate (Capitalisation Rate)
The ratio of a property's net operating income to its current market value, expressed as a percentage and used to value income-producing assets.
Commercial MortgagesDevelopment FinanceCapital Stack
The total structure of funding used to finance a development project, arranged by seniority from senior debt at the bottom through mezzanine finance to developer equity at the top.
Development FinanceMezzanine FinanceEquity & JVCertificate of Lawfulness
A certificate issued by the local planning authority confirming that an existing use or proposed development is lawful and does not require planning permission.
Development FinanceRefurbishment FinanceCGT (Capital Gains Tax)
A tax on the profit made when you sell or dispose of an asset that has increased in value, including property.
Development FinanceCommercial MortgagesChange of Use
The process of converting a property from one use class to another, which may require planning permission or may be achievable under permitted development rights.
Bridging LoansDevelopment FinanceRefurbishment FinanceCIL (Community Infrastructure Levy)
A charge levied by local authorities on new development to help fund infrastructure such as schools, roads, and healthcare facilities.
Development FinanceClerk of Works
An independent quality inspector appointed by the developer or client to monitor construction workmanship and ensure it meets the contract specification and building regulations.
Development FinanceCo-Living
A form of purpose-built shared accommodation where residents have private bedrooms or studios with access to generous communal facilities such as kitchens, lounges, co-working spaces, and gyms.
Development FinanceMezzanine FinanceCommercial Mortgage
A long-term loan secured against commercial, semi-commercial, or mixed-use property, used to fund acquisition, refinancing, or capital raising.
Commercial MortgagesCommercial to Residential
The conversion of commercial premises, such as offices, retail units, or light industrial buildings, into residential dwellings.
Development FinanceRefurbishment FinanceBridging LoansCommitment Fee
A fee charged by the lender on the undrawn portion of a committed loan facility, compensating the lender for reserving capital that the borrower has not yet utilised.
Development FinanceMezzanine FinanceComparable Evidence
Recent transaction data for similar properties used by RICS valuers to support their opinion of market value or gross development value.
Development FinanceBridging LoansCondition Precedent
A requirement that must be satisfied before a lender is obliged to make funds available under a facility agreement, often abbreviated to CP.
Development FinanceBridging LoansMezzanine FinanceConservation Area
An area of special architectural or historic interest designated by the local planning authority under the Planning (Listed Buildings and Conservation Areas) Act 1990, where additional planning controls apply.
Development FinanceBridging LoansContingency
A budget allowance set aside for unforeseen costs during a development project, typically expressed as a percentage of build costs.
Development FinanceRefurbishment FinanceCost Overrun
The amount by which actual construction costs exceed the original budget approved in the development appraisal.
Development FinanceRefurbishment FinanceCost Plan
A detailed elemental breakdown of anticipated construction costs prepared by a quantity surveyor, used to establish the project budget and inform the lender's assessment of the development facility.
Development FinanceRefurbishment FinanceCoupon
The stated interest rate on a loan, expressed as an annual percentage and representing the periodic cost of borrowing before fees and other charges.
Development FinanceMezzanine FinanceBridging LoansCross-Collateralisation
A lending arrangement where two or more properties are used as security for a single loan or group of loans, meaning the lender can enforce against any or all of the properties in the event of default.
Commercial MortgagesDevelopment FinanceBridging Loans
D
10 termsDay One Advance
The initial tranche of a development or bridging loan released on the first day of the facility, typically used to fund the site acquisition.
Development FinanceBridging LoansDebenture
A security instrument that creates both a fixed charge over specific assets and a floating charge over a company's remaining assets, giving the lender comprehensive security over the borrower's business.
Development FinanceMezzanine FinanceDebt to Equity Ratio
The ratio of total borrowed funds to the developer's own equity contribution in a project, expressed either as a ratio or percentage.
Development FinanceMezzanine FinanceEquity & JVDefault Interest
An increased rate of interest charged by the lender when a borrower breaches the terms of their facility agreement, typically triggered by a missed repayment, expiry of the loan term, or breach of a financial covenant.
Development FinanceBridging LoansDefects Liability Period
A contractual period, typically 6 to 12 months after practical completion, during which the building contractor is obliged to return to site and rectify any defects that emerge at no additional cost to the client.
Development FinanceDevelopment Appraisal
A financial model that calculates the viability of a proposed development by comparing the gross development value against total project costs including land, construction, finance, fees, and a target profit margin.
Development FinanceMezzanine FinanceDevelopment Exit Finance
A short-term loan that replaces a development finance facility once construction is substantially complete, providing time to sell units at optimal prices.
Development ExitDevelopment Finance
Specialist lending designed to fund ground-up construction or major refurbishment projects, structured with staged drawdowns released against verified build milestones.
Development FinanceDrawdown
The staged release of loan funds during a development project, triggered by the completion of pre-agreed construction milestones.
Development FinanceRefurbishment FinanceDSCR (Debt Service Coverage Ratio)
A financial metric that measures the ability of a property's net operating income to cover its annual debt service obligations, calculated as net operating income divided by total debt service.
Commercial Mortgages
E
8 termsEIA (Environmental Impact Assessment)
A statutory process required under the Town and Country Planning (Environmental Impact Assessment) Regulations 2017 for developments likely to have significant environmental effects.
Development FinanceEmployer's Agent
A construction professional appointed by the developer to administer the building contract, certify interim valuations, and oversee the contractor's performance on behalf of the employer.
Development FinanceEPC (Energy Performance Certificate)
A certificate that rates the energy efficiency of a building on a scale from A (most efficient) to G (least efficient), required whenever a property is built, sold, or let.
Development FinanceRefurbishment FinanceCommercial MortgagesEquity
The developer's own capital contribution to a project, sitting at the top of the capital stack and bearing the highest risk but also receiving the residual profit.
Equity & JVEquity Multiple
A metric that measures the total cash returned to an equity investor as a multiple of their original investment — for example, a £500,000 equity contribution that returns £1,000,000 represents a 2.
Equity & JVMezzanine FinanceERV (Estimated Rental Value)
The annual rent that a property is expected to achieve on the open market, as assessed by a RICS-qualified valuer.
Commercial MortgagesDevelopment FinanceExit Fee
A fee charged by the lender when a loan is repaid, typically expressed as a percentage of the gross loan amount or sometimes as a percentage of the GDV.
Bridging LoansDevelopment FinanceExtension Fee
A fee charged by the lender for extending the term of a loan facility beyond its original maturity date, typically expressed as a percentage of the outstanding loan balance.
Development FinanceBridging Loans
F
6 termsFacility Agreement
The legal contract between a borrower and a lender that sets out all terms and conditions of the loan including the facility amount, interest rate, drawdown mechanics, repayment terms, covenants, and events of default.
Development FinanceBridging LoansMezzanine FinanceFire Safety
The suite of regulatory requirements governing fire prevention, detection, and means of escape in buildings, significantly overhauled following the Building Safety Act 2022.
Development FinanceFirst Charge
A legal charge registered against a property title that gives the holder (typically the senior lender) first priority over all other creditors in the event of a sale or enforcement.
Development FinanceBridging LoansFixed Charge
A form of security that attaches to a specific, identifiable asset — typically the development site — preventing the borrower from dealing with or disposing of that asset without the lender's consent.
Development FinanceBridging LoansFloating Charge
A form of security that hovers over a class of assets that may change from time to time, such as stock, plant, or receivables, crystallising into a fixed charge upon a defined trigger event such as borrower default.
Development FinanceMezzanine FinanceForward Funding
An arrangement where an institutional investor acquires a development site and funds the construction costs directly, with the developer retained under a development agreement to deliver the scheme.
Development FinanceEquity & JV
G
5 termsGDV (Gross Development Value)
The estimated total market value of a completed development project, calculated as the sum of all individual unit sale prices or the investment value of the completed scheme.
Development FinanceMezzanine FinanceGreenfield
Land that has not been previously developed, typically agricultural or open countryside, as distinguished from brownfield (previously developed) land.
Development FinanceBridging LoansGross Development Value
The total market value of a development upon completion, encompassing all units and any commercial elements.
Development FinanceMezzanine FinanceGross Yield
The annual rental income from a property expressed as a percentage of its purchase price or market value, before deducting any expenses.
Commercial MortgagesGround Rent
A rent payable by a leaseholder to the freeholder for the use of the land on which the property stands.
Development Finance
H
2 termsHMO (House in Multiple Occupation)
A property rented out to three or more tenants who form two or more separate households and share a kitchen, bathroom, or toilet.
Refurbishment FinanceBridging LoansHurdle Rate
The minimum rate of return that a project must achieve before an investor will commit capital, used as a benchmark in investment decision-making.
Equity & JVMezzanine Finance
I
3 termsICR (Interest Cover Ratio)
A measure of how comfortably a property's rental income covers the interest payments on a loan, calculated as annual rental income divided by annual interest costs.
Commercial MortgagesIntercreditor Deed
A legal agreement between two or more lenders in the capital stack that defines their respective rights, priorities, and remedies in relation to the same borrower and security.
Mezzanine FinanceDevelopment FinanceIRR (Internal Rate of Return)
The annualised rate of return at which the net present value of all cash flows from an investment equals zero, used to compare the profitability of different development opportunities on a time-adjusted basis.
Equity & JVDevelopment Finance
L
7 termsLand Banking
The practice of acquiring and holding land for future development, often before planning permission has been secured, in anticipation of value appreciation.
Bridging LoansDevelopment FinanceLand Registry
HM Land Registry is the government body responsible for registering ownership of land and property in England and Wales.
Development FinanceBridging LoansCommercial MortgagesLater Living
Purpose-built residential accommodation designed for older adults, encompassing retirement housing, extra care, and assisted living schemes.
Development FinanceEquity & JVListed Building Consent
A separate consent required under the Planning (Listed Buildings and Conservation Areas) Act 1990 for any works of demolition, alteration, or extension that affect the character of a listed building.
Development FinanceRefurbishment FinanceLoan to Cost
A lending metric that expresses the total loan amount as a percentage of the total project costs including land, construction, professional fees, and finance costs.
Development FinanceMezzanine FinanceLTGDV (Loan to Gross Development Value)
A key lending metric in development finance that expresses the total loan amount as a percentage of the gross development value of the completed scheme.
Development FinanceMezzanine FinanceLTV (Loan to Value)
A lending ratio that expresses the loan amount as a percentage of the current market value of the property being used as security.
Bridging LoansCommercial MortgagesRefurbishment Finance
M
3 termsMezzanine Finance
A layer of debt that sits between the senior loan and developer equity in the capital stack, secured by a second legal charge on the property.
Mezzanine FinanceMixed-Use
A development that combines two or more uses — typically residential with commercial, retail, or leisure — within a single scheme or site.
Development FinanceCommercial MortgagesMonitoring Surveyor
An independent surveyor appointed by the lender to inspect the development site at regular intervals and verify that construction work has been completed to the required standard before each drawdown is released.
Development FinanceRefurbishment Finance
N
5 termsNet Development Value
The gross development value of a completed scheme minus all costs of sale including estate agent fees, legal fees, and marketing expenses.
Development FinanceNet Yield
The annual rental income from a property expressed as a percentage of its purchase price or market value, after deducting all operating expenses such as management fees, maintenance, insurance, and void periods.
Commercial MortgagesNHBC Warranty (Buildmark)
A 10-year structural warranty provided by the National House Building Council covering defects in newly built or converted residential properties.
Development FinanceNon-Recourse Loan
A loan where the lender's sole remedy in the event of default is to enforce against the secured property, with no additional claim against the borrower's other assets or personal wealth.
Development FinanceEquity & JVNon-Utilisation Fee
A fee charged by the lender on the committed but undrawn portion of a loan facility, incentivising the borrower to draw down funds in line with the agreed build programme.
Development FinanceMezzanine Finance
O
2 termsOutline Planning Permission
A form of planning consent that establishes the principle and scale of development on a site without approving the detailed design, which is dealt with subsequently through reserved matters applications.
Development FinanceBridging LoansOverage
A contractual mechanism in a land sale that entitles the seller to receive additional payment if specified trigger events occur after completion, typically the grant of planning permission or achievement of sales values above an agreed threshold.
Development FinanceBridging Loans
P
16 termsPari Passu
A Latin term meaning 'on equal footing', used in finance to describe creditors or security interests that rank equally in priority without preference.
Mezzanine FinanceDevelopment FinancePart L Compliance
The requirement to meet the energy efficiency standards set out in Part L of the Building Regulations, covering the conservation of fuel and power in buildings.
Development FinanceRefurbishment FinancePBSA (Purpose-Built Student Accommodation)
Residential accommodation designed and managed specifically for university students, typically comprising en-suite cluster flats or self-contained studios with shared amenities.
Development FinanceEquity & JVPDR (Permitted Development Rights)
Rights granted under the Town and Country Planning (General Permitted Development) Order that allow certain types of development to proceed without a full planning application.
Development FinanceRefurbishment FinancePermitted Development Rights
Automatic planning permissions granted by Parliament through the General Permitted Development Order, allowing certain building works and changes of use without needing to apply for planning permission from the local authority.
Development FinanceRefurbishment FinancePersonal Guarantee (PG)
A legally binding commitment from an individual, usually the developer or company director, to personally repay some or all of a loan if the borrowing entity defaults.
Development FinanceBridging LoansMezzanine FinancePlanning Permission
Formal consent from the local planning authority required before carrying out most types of development, including new construction, material changes of use, and significant alterations to existing buildings.
Development FinanceBridging LoansPractical Completion
The stage at which a building project is deemed complete and fit for its intended purpose, even though minor snagging items may remain.
Development FinanceDevelopment ExitPre-Commencement Conditions
Conditions attached to a planning permission that must be discharged before any development work can begin on site.
Development FinancePre-Planning Risk
The risk that a development site fails to secure planning permission, or that the consent granted is materially different from the scheme envisaged, undermining the project's financial viability.
Bridging LoansDevelopment FinancePreferred Return
A minimum rate of return that must be paid to one class of investor before profits are distributed to other parties in a joint venture or equity structure.
Equity & JVMezzanine FinancePrior Approval
A lighter-touch planning process required for certain types of permitted development, where the local authority assesses specific matters such as transport, flooding, contamination, and noise impact.
Development FinanceRefurbishment FinanceProfessional Fees
The costs associated with appointing professional advisors on a development project, including architects, structural engineers, quantity surveyors, planning consultants, solicitors, and project managers.
Development FinanceRefurbishment FinanceProfit on Cost
A measure of development profitability calculated by dividing the projected profit by the total development costs and expressing it as a percentage.
Development FinanceProgramme Delay
A delay to the planned construction programme that pushes back the expected completion date of a development project.
Development FinanceProject Monitor
A professional appointed by the lender to oversee the progress of a development project and verify that construction milestones have been achieved before drawdowns are released.
Development FinanceRefurbishment Finance
R
10 termsRack Rent
The full open market rental value of a property if let on normal commercial terms without any premium, rent-free period, or discount.
Commercial MortgagesRecourse Loan
A loan where the borrower is personally liable for repayment beyond the value of the secured asset, meaning the lender can pursue the borrower's other assets if the property sale does not cover the outstanding debt.
Development FinanceBridging LoansRed Book Valuation
A formal property valuation prepared in accordance with the RICS Valuation Global Standards, known as the Red Book.
Development FinanceBridging LoansCommercial MortgagesRemediation
The process of removing or treating contamination on a development site to make it safe for the intended use, often required on brownfield or former industrial land.
Development FinanceReserved Matters
The detailed aspects of a development that are held back for later approval when outline planning permission is granted, typically covering access, appearance, landscaping, layout, and scale.
Development FinanceResidual Land Value
The value of a development site calculated by taking the gross development value of the completed scheme and deducting all development costs including build costs, professional fees, finance costs, and developer profit.
Development FinanceRetention
A percentage of each construction drawdown held back by the lender as a safeguard against cost overruns or incomplete works, typically 5% to 10% of each drawdown amount.
Development FinanceRefurbishment FinanceRICS (Royal Institution of Chartered Surveyors)
The leading professional body for surveyors and property professionals worldwide, setting standards for valuation, surveying, construction, and property management.
Development FinanceBridging LoansCommercial MortgagesRight to Light
A legal right enjoyed by a property owner to receive natural light through defined apertures, established after 20 years of uninterrupted enjoyment under the Prescription Act 1832.
Development FinanceRolled Up Interest
An interest arrangement where monthly interest charges are added to the outstanding loan balance rather than being paid by the borrower each month.
Development FinanceBridging Loans
S
17 termsS106 (Section 106 Agreement)
A legally binding obligation negotiated between a developer and the local planning authority as part of a planning permission, requiring the developer to provide or fund specific community benefits such as affordable housing, public open space, or highway improvements.
Development FinanceSDLT (Stamp Duty Land Tax)
A tax payable on the purchase of land and property in England and Northern Ireland, calculated on a tiered basis with rates increasing for higher-value transactions.
Development FinanceBridging LoansSecond Charge
A legal charge registered against a property title that sits behind a first charge, giving the holder (typically a mezzanine lender) a subordinated claim on the security.
Mezzanine FinanceSection 73
An application made under Section 73 of the Town and Country Planning Act 1990 to vary or remove conditions attached to an existing planning permission.
Development FinanceSecurity Package
The full suite of security taken by a lender to protect their position on a development loan, typically including a first legal charge over the property, a debenture over the borrowing company, personal guarantees from directors, and an assignment of key project contracts.
Development FinanceBridging LoansMezzanine FinanceSenior Debt
The primary layer of debt in a development finance structure, secured by a first legal charge on the property and sitting at the bottom of the capital stack with first priority on repayment.
Development FinanceServiced Interest
An interest arrangement where the borrower makes regular monthly interest payments throughout the loan term, keeping the outstanding loan balance static.
Commercial MortgagesBridging LoansSite Acquisition
The process of purchasing a development site, including negotiation, due diligence, exchange of contracts, and completion.
Development FinanceBridging LoansSite Investigation
A series of ground investigations and environmental assessments carried out to identify potential risks associated with a development site, including contamination, ground conditions, flood risk, and ecological constraints.
Development FinanceSolicitor's Undertaking
A binding promise given by a solicitor in their professional capacity to perform or abstain from a specific action, enforceable by the courts and the Solicitors Regulation Authority (SRA).
Development FinanceBridging LoansSPA (Sale and Purchase Agreement)
A legally binding contract setting out the terms on which a property or site is to be sold and purchased, including the price, completion date, and any conditions.
Development FinanceBridging LoansSpecial Purpose Vehicle (SPV)
A limited company set up specifically to hold a single property development project, ring-fencing it from the developer's other business activities and assets.
Development FinanceMezzanine FinanceStep-in Rights
Contractual rights that allow a lender to take over a development project from the borrower in the event of default, assuming control of the build contract, professional appointments, and site operations.
Development FinanceStretched Senior
A single-tranche development loan that provides higher leverage than traditional senior debt, typically up to 75-85% of costs or 65-70% of GDV, eliminating the need for a separate mezzanine facility.
Development FinanceMezzanine FinanceSubordination
The arrangement by which one lender agrees that their claim on the borrower's assets ranks behind that of another lender, most commonly where mezzanine debt is subordinated to the senior lender's first charge.
Mezzanine FinanceDevelopment FinanceSui Generis
A planning classification meaning 'of its own kind,' used for property uses that do not fall within any of the standard use classes defined by the Town and Country Planning (Use Classes) Order 1987.
Development FinanceCommercial MortgagesSunset Clause
A contractual provision that sets a longstop date by which certain conditions must be fulfilled, failing which either party may terminate the agreement.
Development FinanceEquity & JV
T
5 termsTitle Deed
A legal document that proves ownership of a property or parcel of land, now predominantly held in electronic form at HM Land Registry.
Development FinanceBridging LoansTitle Insurance
An insurance policy that protects the insured against financial loss arising from defects in the legal title to a property that were not discovered during the conveyancing process.
Development FinanceBridging LoansCommercial MortgagesTranche
A distinct portion or layer of funding within a development finance structure, each with its own terms, pricing, and priority of repayment.
Development FinanceMezzanine FinanceEquity & JVTree Preservation Order
A legal order made by a local planning authority under the Town and Country Planning Act 1990 to protect specific trees, groups of trees, or woodlands from being cut down, topped, lopped, or uprooted without consent.
Development FinanceTurnkey
A development that is delivered fully complete and ready for immediate occupation, with all fixtures, fittings, and finishes in place.
Development Finance
U
3 termsUnderwriting
The process by which a lender assesses and approves a development finance application, evaluating the borrower's experience, the scheme's viability, the security offered, and the proposed exit strategy.
Development FinanceBridging LoansMezzanine FinanceUnitranche
A single loan facility that combines senior and mezzanine debt into one tranche with a single set of terms and a blended interest rate, removing the need for an intercreditor deed.
Development FinanceMezzanine FinanceUse Class
The classification system under the Town and Country Planning (Use Classes) Order that groups similar land and property uses together.
Development FinanceRefurbishment FinanceCommercial Mortgages
V
4 termsVacant Possession
The delivery of a property free from any occupiers, tenancies, or licences, giving the buyer or developer unimpeded physical and legal possession.
Development FinanceBridging LoansValuation
A professional assessment of a property's market value, carried out by a qualified surveyor for lending, investment, or transactional purposes.
Development FinanceBridging LoansCommercial MortgagesViability Assessment
A financial appraisal submitted to the local planning authority to demonstrate that a development scheme cannot viably deliver the full policy requirements for affordable housing, S106 contributions, or CIL.
Development FinanceVoid Period
The period during which a property stands empty and produces no rental income, whether between lettings or prior to first occupation.
Commercial Mortgages
W
4 termsWaterfall
The contractual mechanism that determines the order and priority in which project proceeds are distributed among the parties in a development finance structure.
Equity & JVMezzanine FinanceWayleave
A contractual agreement granting a utility company or third party the right to install, maintain, and access equipment such as cables, pipes, or pylons on or across a parcel of land.
Development FinanceWindfall Site
A development site that comes forward for housing unexpectedly, outside the planned allocations in a local authority's local plan.
Development FinanceWorking Capital
The liquid funds available to a development company to cover day-to-day operational expenses and short-term liabilities that are not covered by the project loan facility.
Development Finance
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