Finish and Exit Development Finance in 2026

A part-built scheme is one of the most stressful positions a developer can be in. The scaffolding is up, half the units are watertight, and the money has run dry before practical completion. The original development facility has hit the end of its term, or the lender has confirmed there is no more headroom to draw, because the build slipped by a few months or the costs came in higher than the appraisal allowed. The site cannot be sold in its current state, it cannot be let, and it cannot be refinanced onto a normal term loan, because it is not finished. This is exactly the problem that finish and exit development finance is built to solve.

Finish and exit development finance, also known as part complete development finance, is a short-term bridge for a scheme that is part-built but not yet at practical completion. It does two jobs in one facility. First, it funds the remaining build costs to get the scheme to completion. Second, it then carries the project through the sales period until the units sell, or until the finished and let scheme can refinance onto a longer term loan. It replaces the expiring development facility, gives the project room to breathe, and buys back the time that the original lender is no longer willing to give.

This article is indicative market commentary for UK property in 2026, written to explain how part complete development finance works, what triggers the need for it, how the money is released, why it prices the way it does, and which lender camps tend to fund it. Before we go further, one important point of clarity. We are DevExit, part of the Construction Capital family. We are an arranger and introducer, not a lender. We are not FCA authorised, because this is unregulated commercial lending to companies and experienced developers. We do not lend our own money and we never name individual lenders. Every figure here is indicative and every scheme is priced on its own facts.

What finish and exit finance actually is

The clue is in the two words. Finish, then exit. A standard development exit bridge assumes the scheme is already at practical completion and simply refinances the development loan while the developer sells the finished units at a calmer pace. Finish and exit finance goes back a step. It picks up a scheme that is still under construction, pays for the works needed to complete it, and only then behaves like an exit facility across the sales period.

Because it spans both phases, it is sized against two numbers at once: the remaining cost to complete the build, and the gross development value, or GDV, of the finished scheme. A lender wants to see that the money left to spend plus its own margin sits comfortably inside the value the finished units will fetch. Indicatively, the facility can reach up to 70 to 75 percent of GDV on the finished value once the works are done. It is secured by a first legal charge over the site.

The trigger: an expiring facility on a part-built scheme

Finish and exit finance is almost always driven by a deadline rather than by choice. The typical trigger is simple. The development facility has reached the end of its agreed term, or it has run out of headroom, because the build slipped or cost more than planned. Perhaps a groundworks problem added three months. Perhaps materials and labour came in over budget and the last tranche of the original loan was swallowed before the roof went on. Either way, the existing lender wants its money back on the date in the loan agreement, and the scheme is not ready to deliver it.

That is a dangerous moment. An expired development facility can slide into default, default rates can start to apply, and in the worst case the lender can move to enforce over a site that is only weeks from completion. Refinancing onto a fresh facility that understands part-built schemes takes the pressure off, clears the incumbent lender, and gives the developer a realistic runway to finish the job and sell into it.

How the money is released

Nobody hands over the full cost to complete on day one. The remaining works are funded through staged drawdowns, released against certification from a monitoring surveyor. The surveyor, sometimes called a project monitor, visits the site, confirms what has been built, checks it against the programme and the budget, and signs off each stage. Only then is the next drawdown released.

This staged approach protects everyone. It keeps the money tied to real progress on the ground, it stops funds being drawn ahead of the works, and it gives the lender confidence that the scheme is heading to completion on a sensible timeline. For the developer it means predictable cash as each phase is signed off, rather than one lump sum that has to be rationed. The interest is charged monthly and can usually be rolled up into the facility or retained at the outset, so the developer is not funding monthly payments out of pocket while there is no sales income coming in.

Why it prices above a fully-complete exit bridge

Here is the honest part on pricing. Finish and exit finance costs more than a bridge on a scheme that is already finished, and the reason is straightforward. Some build risk remains. The scheme is not complete, so the lender is carrying the possibility that the last stretch of construction runs late, costs more, or throws up a snag. That extra risk has a price.

At the same time, it prices below the original stretched development facility that it replaces, because most of the heavy lifting and the riskiest early stages of the build are already behind the project. So finish and exit finance sits in the middle. Above a fully-complete exit bridge, because there is still work to do, and below a ground-up development loan, because the scheme is well advanced. We describe pricing qualitatively rather than quoting a rate here, because the number moves with how much is left to build, the quality of the surveyor’s reports, the developer’s track record, and how the GDV stacks up. The base rate has held at 3.75 percent since the December 2025 cut, which gives a steadier backdrop for pricing than the developer market saw a couple of years ago.

Which lender camps fund it

Finish and exit finance is a specialist product, so it does not come from the mainstream high street. In generic terms, it is funded by three broad camps. Specialist development lenders who are comfortable taking on a part-built scheme and monitoring the remaining works. Bridging lenders who run a heavier, construction-aware version of their exit product and are happy with staged drawdowns. And private or debt-fund capital that prices for the situation and can move quickly when a facility is about to expire. Which camp fits best depends on how much is left to build, the size of the loan against GDV, and how tight the deadline is. Our job is to read the scheme and take it to the camp most likely to say yes on sensible terms.

How we approach a finish and exit

We start with the two numbers that matter: the cost to complete and the finished GDV. From there we look at the state of the existing facility, how long is left, whether it is already in default, and what the monitoring surveyor is likely to certify. We then package the scheme, the drawdown schedule and the exit story, and take it to the lender camps that fund part-built work. Speed matters, because the trigger is usually a date on an expiring loan, so we move in parallel rather than in sequence. This sits alongside our work on development exit bridging for schemes that have already reached practical completion, and we will always point a developer to whichever route fits the real state of the site.

Finish and exit finance rescues a part-built scheme from an expiring development facility, funding the works to complete and then carrying it through the sale.

FAQ

Are you a lender? No. We are DevExit, an arranger and introducer within the Construction Capital family. We are not FCA authorised and this is unregulated commercial lending. We do not lend our own money. We package the scheme and place it with the lender camp most likely to fund it.

How is finish and exit different from a normal development exit bridge? A normal exit bridge assumes the scheme is finished and simply refinances the development loan during sales. Finish and exit finance handles a scheme that is still part-built. It funds the remaining works via staged drawdowns first, then carries the completed scheme through the sales period.

How much can I borrow? Indicatively up to 70 to 75 percent of GDV on the finished value, sized against both the cost to complete and the end value. The exact figure depends on how much is left to build, the surveyor’s view, and your track record.

How long does the facility run? Indicatively 12 to 18 months, covering the time to finish the build and then sell the units. The exit is unit sales, or a refinance onto a term or buy-to-let loan once the scheme is complete and let.

Talk to us

If your development facility is running out of term or headroom and the scheme is not quite finished, the worst thing to do is wait for the deadline to arrive. The earlier we see it, the more room we have to place it well. You can talk to a development exit specialist at DevExit, or read more about how finish and exit development finance works. If your scheme is already at practical completion, ask us about development exit bridging or a development exit refinance instead, at https://devexit.co.uk/ .

This article is indicative market commentary only and is not financial advice or an offer of finance. DevExit is an arranger and introducer, not a lender, and is not FCA authorised. All figures are indicative and every scheme is assessed on its own facts. This article was written by Matt Lenzie.