Development Exit and Refinance Monitor: H1 2026

Tracking pairs of charges registered against the same property title, the Monitor identified 799 refinance events in H1 2026: cases where an unrelated senior lender's charge was satisfied at or near the registration of a successor facility. This is the fingerprint of the development exit and refinance market, developments moving from build facilities to exit bridges, term debt or sales-period funding.

Quarterly: 402 in 2026-Q1, 397 in 2026-Q2. Related-party successions (a lender's own trustee or group vehicle) are excluded.

The redemption data in the national Monitor corroborates the trend: 18-month redemption rates have risen every cohort year since 2021, consistent with an increasingly liquid exit market.

This edition of the Monitor is built from every mortgage and charge registered at Companies House, cross-referenced against a curated set of development-active lenders in three tiers: pure-play development lenders, banks and bridging lenders with substantial development arms, and institutional real estate credit. Lender identities are resolved through their funding-line vehicles and security trustees, so lending through numbered SPVs is captured against the economic lender. No individual lender is named or ranked in this publication; concentration is reported only in aggregate.

Charge data runs to 2026-07-31; satisfaction filings to 2026-08-03. Companies House filings record no loan values (a 2013 reform removed the amount-secured field), so activity is measured in charge registrations and distinct borrower counts, never estimated loan books.

Regional attribution uses the postcode of the charged property, extracted from the legal particulars of each charge, not the borrower's registered office. Property postcodes are recoverable for 81% of ecosystem charges; regional figures are shares of that covered set. Coverage is England and Wales. Any cut with fewer than 30 observations is suppressed rather than published.

Full methodology, definitions and revision policy: Monitor methodology. The underlying aggregates are published as open data on the report page.

A market writing roughly 1,250 secured facilities a week across 35 active lenders is a market with genuine competition for good schemes. Pricing and leverage still vary widely between lenders, which is exactly where whole-of-market advice earns its keep.

Construction Capital arranges development finance, bridging and development exit facilities across the lenders behind these numbers. To discuss a scheme, call +44 20 3816 3693 or start with the deal room.