Inspired Lending has provided a £935,000 “finish and exit” facility secured against a new build home in Buckinghamshire, supporting the final stages of construction ahead of a planned sale.
The loan was structured as a second charge behind an existing first mortgage, allowing the borrower to retain their primary loan terms while accessing additional capital in a cost-efficient manner. The facility represents 60% of the £2.75m gross development value and was designed to align with the contractor’s timeline, with staged drawdowns following an initial advance of 70% of the current value on day one.
The approach enabled the borrower to fund the final works without refinancing the first charge, while controlling the cost of capital through incremental releases.
Gavin Diamond, CEO of Inspired Lending, said: “Second charge funding can be a smart route for borrowers, with a low-cost first charge in place, who want to avoid the cost and hassle of refinancing. In this case, we’ve helped the borrower access the capital they need to finish the build, while keeping the overall structure efficient. It’s about delivering the right funding in the right way to suit the project.”
Diamond added: “It’s a great example of the kind of lending we set out to do from day one, using common sense, acting quickly and keeping things clear and straightforward. That’s still at the heart of everything we do.”
Inspired Lending offers short-term finance for residential and mixed-use schemes, with recent completions including an £800,000 finish and exit facility in Devon and a £2m commercial-to-residential conversion in Nottingham.
