No Valuation Development Exit Facility - Leyton, London
A property investor needed to exit an existing bridging facility against a hard deadline — with a Lawful Development Certificate outstanding and the existing lender refusing to extend. Aura Capital structured a £487,500 development exit facility in 10 working days, funding against the full post-works value despite the unresolved planning position.
The Situation
Our client had undertaken a refurbishment and permitted development conversion of a semi-detached freehold in Leyton, East London — including an attic conversion that had significantly uplifted the asset's value to £750,000. Building control approvals were in place and the works were complete, but a Lawful Development Certificate (LDC) for the attic conversion had not yet been issued by the local authority.
The onward purchaser required the LDC as a condition of completion — a standard requirement for a buyer's conveyancer where a permitted development conversion is involved. The LDC application was in progress, but the regularisation process takes time, and the borrower's existing bridging lender was unwilling to extend the facility to accommodate that timeline.
With a new development opportunity already underway and capital tied up in the asset, the borrower needed a fast, frictionless exit. The existing facility had reached its term, the lender would not extend, and there was no room to wait. This is a situation a development exit facility is specifically designed to resolve.
What Is a Development Exit Facility?
A development exit facility is a short-term bridging loan used to refinance an existing facility once development or refurbishment works are complete — or near-complete — allowing the borrower to exit their original finance and carry the asset through to sale or long-term refinance without time pressure.
Unlike standard bridging finance, development exit facilities are structured with the completed or post-works asset value in mind, rather than the purchase price or the value mid-works. This means borrowers who have added significant value through refurbishment or conversion can access a larger facility than their original bridge allowed — releasing equity that was locked in during the works phase.
Development exit finance is particularly useful when an existing lender will not extend, when a planning or legal condition is outstanding but the physical works are done, or when the borrower simply wants to move to a lower-rate facility now that the development risk has been removed.
What Is a Rebridge?
A rebridge — short for re-bridging — is the act of replacing one bridging loan with another. Borrowers rebridge for a number of reasons: their existing lender won't extend the term, the deal has changed in a way the current lender won't accommodate, a better rate or structure is available now that the risk profile has improved, or — as in this case — the lender's requirements can no longer be met within the timeline available.
Rebridging is not a sign of distress. In an active property portfolio, it is often a deliberate and efficient way to optimise finance as a project progresses. A lender who was appropriate at the acquisition stage may not be the right fit once works are complete and the asset's value profile has changed substantially.
How Aura Capital Structured the Deal
The central challenge in this case was the outstanding LDC. Many lenders — including the borrower's existing lender — treat an unresolved planning position as an automatic barrier to lending. Aura Capital's approach was different: we assessed the planning position on its merits, established that building control approvals were in place, and satisfied ourselves that the LDC application was a regularisation exercise rather than a substantive planning risk.
Funding delivered despite the absence of a Lawful Development Certificate at completion. Aura Capital structured the facility to accommodate the planning regularisation timeframe, enabling the borrower to exit their existing bridge without waiting for the LDC to be formally issued.
The facility was assessed against the full post-works value of £750,000 — not a discounted or mid-works figure — delivering a £487,500 loan at 65% LTV. No physical valuation was required; the assessment was completed on a desktop basis using comparable evidence, removing both cost and delay from the process. A no-search indemnity was also accepted in place of fresh searches, further compressing the timeline.
The loan was funded through Aura Capital's private family office lending line, allowing the deal to be underwritten and executed with a level of discretion and speed that is not achievable through conventional institutional channels. From instruction to completion, the transaction was concluded in 10 working days.
The Numbers
| Asset | Semi-detached freehold residence |
| Location | Leyton, East London |
| Post-works value | £750,000 |
| Loan facility | £487,500 |
| LTV | 65% |
| Monthly interest rate | 0.95% pcm |
| Interest | Fully retained |
| Term | 12 months (3-month minimum) |
| Charge | First charge |
| Valuation required | No |
| Searches | No-search indemnity utilised |
| Lender | Private family office funding line |
| Time to completion | 10 working days |
| Product | Bridging Finance (Unregulated) |
Why This Case Worked
Several factors made this a strong candidate for a development exit facility, and together they illustrate what this product is designed for.
The works were genuinely complete. Building control had signed off. The asset was fully refurbished and ready for sale — the only outstanding item was the LDC, which is a documentation process, not an indication of substantive planning risk. A lender who understands permitted development can assess that distinction accurately; one who does not will decline the case on the basis of an outstanding certificate without properly understanding what that certificate represents.
The LTV of 65% against a post-works value of £750,000 provided the lender with solid security. The loan was not being stretched against an optimistic valuation — it was assessed conservatively against a well-evidenced figure in an active market. That combination of strong asset quality and a clear exit route (sale to an identified buyer) made the planning position manageable rather than prohibitive.
The no valuation and no-search indemnity approach removed the two most common sources of delay in bridging transactions. With a desktop assessment and an indemnity policy replacing the search, the legal and due diligence process was compressed to a timeline compatible with the borrower's hard deadline.
Private capital — in this case a family office funding line — allowed the deal to be underwritten and approved at pace, without the committee processes, credit panel schedules, or procedural layers that slow institutional lenders. The borrower had direct access to decision-makers throughout.
Products Used in This Case
This transaction was delivered using Aura Capital's development exit bridging facility — structured as a rebridge against the post-works value of a completed permitted development conversion. If your situation shares characteristics with this case — an existing bridge that will not be extended, a planning position that is in the process of being regularised, a completed asset awaiting sale, or simply a need for speed — a development exit or rebridge facility may be the right fit.
Related products that may be relevant depending on your circumstances include our no valuation bridging loans for borrowers who need fast finance without the cost and delay of a formal RICS inspection, and our broader bridging finance range for residential and commercial property.
Have a Similar Requirement?
If you need to exit an existing bridge quickly — against a completed asset, an outstanding planning condition, or a hard deadline — speak to the Aura Capital team directly. We assess every case on its merits and move at the pace the situation requires.
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