Development Finish and Exit Finance

Milen Johar • 25 May 2023

Around 6 months back I posted about helping a client who was introduced to me, seeking ~£840k to refinance their existing lender & finish his project after the existing lender stopped funding mid way through the build through no fault of the client.


So pleasing to be able to go onsite & see the project now very nearly finished & entering its snagging / landscaping phases, adding very much needed stock to the prestigious Farnham, Surrey area with this 4 bed 4 bath family home.


The stunning use of glass & skylights together with luxury features & finishes throughout add fine touches everywhere. Coupled with the popular & sought after Farnham school district always being in demand, its expected to sell very quickly once marketing commences.


Costs definitely increased due to shortages of materials & labour, but the GDV has also increased to more than offset this. Some before & after pictures are below showcasing the amazing transformation from what was originally the developers garden!


It’s been a pleasure advising the developer at various stages in the project, leveraging my own experiences to go beyond the remit of the usual intermediary, & I look forward to the next phase here & advising on future projects!


As always, if I can assist any of you in financing your own projects or with any property finance needs, then please feel free to get in touch.

28 New Build Flats Refinanced for a Build to Rent Developer!

9 March 2026
A block of 28 new build flats were presented to us for an experienced developer and landlord wanting to retain the entire block in their portfolio. VKJ Finance Milen Johar and Keystone Property Finance delivered a fast and collaborative result for the borrower which involved: ✅ The creation of new long leases being sold into a subsidiary SPV from the DevCo. ✅ Joined up approach from our valuation partners Kinleigh Folkard & Hayward in accepting recent retypes enabling the deal to move speedily to offer. ✅ Fast work from our pre offer, underwriting and post offer teams to get an unbelievably fast completion! This deal highlights how great solutions can be found when lenders, brokers, underwriters and our legal / surveyor partners work wonderfully together. Well done to all involved and looking forward to the next complex deal from VKJ Finance! 🙌

15 Unit Block Refinanced for a Build to Rent Developer!

9 March 2026
Huge thanks to Paige Archer and the team at LendInvest (LSE: LINV) who refinanced 15 flats in a new build to rent block for an experienced developer client! It was a tricky case where the client was transferring a directors loan balance owed back to them from the DevCo to a brand new PropCo to use as the purchase deposit, with new leasehold titles created and multiple surveys to manage. Pa i ge Archer and the underwriting team at LendInvest (LSE: LINV) simplified the application process for the client to only upload required documents to 1 case instead of to each one individually, they understood the directors loan transfer given their experience in development finance, and sped through underwriting by only asking necessary common sense questions rather than irrelevant ones that often get thrown at experienced clients in complex scenarios. There was a small hurdle over an EWS1 the surveyor thought was required that was successfully challenged, but thanks to her and the team, they pushed to get this across the line for the remortgage to complete in time so the client could move off their development finance. This case was a perfect example of how brokers and BDM’s stay in touch to keep up to date on criteria / appetite changes that creatively solve problems for clients for when the exact situation arises! As always, if I can assist any of you in financing your projects or with any property finance needs, then please feel free to get in touch. 

Second charge flexible, overdraft facility arranged!

by Milen Johar • 20 November 2023
2nd Charge Flexible Finance / Overdraft facility for fast Auction Purchases & Commercial Interests! Pleased to have arranged a 2nd charge Flexible Overdraft Facility for a client seeking to take advantage of upcoming below market value opportunities at property auctions, but also have a "just in case" emergency facility to assist various businesses in their portfolio. The secured facility against the clients main residence, which can be drawn, repaid & re-drawn multiple times over 2 yrs, is a great product with a low non utilisation rate. The case was complex for unusual reasons with issues surrounding the surveyors opinion of the property's Insurance Reinstatement cost. In a nutshell, the surveyor had way over-estimated that a 3 floor 5,500 sq ft property required an Insurance Reinstatement cost of £1.3m, 78% above BCIS benchmarks! We all know inflation has been rampant the last 12+ months & has affected the increasing cost of materials / labour, but 78% was beyond belief! So much so, the existing insurer refused to amend their max £1m cover because £1.3m was deemed "over-insuring" according to their data models. Seeking other insurers was also problematic as the property had 7 bathrooms taking it outside criteria. With time of the essence & the clock ticking, Phodis Maratheftis , Mihaela Janko & the team at Alternative Bridging Corporation dug deep to help quickly resolve the matter & complete just in time for most of the latest monthly auctions which the borrower wanted to bid on. Considering the current economic backdrop, it was great to get this over the line. Special thanks also to Alicia Pattihis at Axiom DWFM solicitors for her expert assistance & advice, offering pragmatic solutions to complex case matters / issues throughout the clients journey. I cannot recommend all those involved in this transaction highly enough! As always, if I can assist any of you in financing your projects or with any property finance needs, then please feel free to get in touch.
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