Refurbishment bridge appraisal: buy, refurbish, exit, on one page.
The day one loan against the lower of price and value, the works facility, the cap against the end value, retained interest and the fee sitting inside the gross loan, the cash you actually need, and whether the exit, by sale or refinance, repays the bridge. The number that surprises first time refurbishers is on the sheet in bold.
By Dominic Whitecross, Co-Founder, HyLend. Last reviewed September 2026.
Get the template
Name and email, and the file is on its way. We use the email to send the link and, if you tick the box, occasional deal notes from the broking desk. Nothing else, and one click to stop.
What the template does
You enter the purchase price and today's value, the works cost with contingency, holding costs, the value after works, and the bridge terms: maximum loan to value on day one, maximum loan against the end value, monthly rate, term and fee. It sizes the gross facility, deducts retained interest and the fee, and tells you the net advance towards the purchase and the cash you need to complete. Then it tests the exit both ways: what a sale nets after costs, and whether a term loan at a stated loan to value on the end value covers the redemption figure.
The worked example in the file
| Line | Example | What it shows |
|---|---|---|
| Purchase price and value | £450,000 | Lender lends against the lower of the two |
| Works with contingency | £110,000 | Funded by the lender in stages in the example |
| Gross facility | £447,500 | Day one loan plus works, inside the end value cap |
| Retained interest, 9 months at 0.79% | £31,817 | Deducted up front from the advance |
| Net advance towards the purchase | £296,733 | Not £337,500: this is the surprise |
| Total cash in the deal | £190,767 | Purchase shortfall plus holding costs |
| Refinance at 75% of £720,000 | Repays, with £92,500 headroom | The exit works |
| Profit on sale, return on cash | £67,333, 35.3% | If selling instead |
Set the lender's works funding to No and the cash requirement rises by the works cost. Set the end value to £650,000 and the refinance headroom disappears. Both are one cell.
The two things the sheet is built to expose
- Net is not gross. A 75% gross loan delivers roughly 65% of cash on a nine month retained bridge, because interest and the fee come out first. Why the gross figure sets your deposit →
- The exit is the deal. If the refinance at the end value does not cover the redemption figure, you are selling whether you planned to or not. The bridge to term deal sheet takes this further by adding the rental cover test. Bridge to term deal sheet →
Refurbishment Bridge Appraisal FAQs
What loan to value do refurbishment bridging lenders offer?
Typically up to 75% of the lower of price and value on day one, with the works funded in stages on top, and a cap on the total facility against the end value of around 70%. Both caps are inputs on the template because lenders differ, and because the second cap is the one people forget.
Why is the net advance so much lower than the gross loan?
On a retained interest bridge the interest for the whole term and the arrangement fee are deducted from the loan before it reaches your solicitor. On the example, a £447,500 gross facility delivers £296,733 towards the purchase once £31,817 of interest, £8,950 of fee and the £110,000 works tranche are accounted for. Model the net advance you need, not the gross.
Does the lender fund the refurbishment works?
Many do, released in stages against certified progress, and the template models that when you set works funding to Yes. Some lenders fund only the purchase and expect you to fund the works from cash, which the template shows when you set it to No. The difference in the cash requirement is the works cost.
How do I know if the refinance exit works?
The template applies a term lender's maximum loan to value to the value after works and compares the result with the bridge redemption figure. If the term loan is smaller, the shortfall has to come from cash. Term lenders also test rental cover, which the bridge to term deal sheet models; on a let property that test often binds before loan to value does.
Is the rate on the template what I will get?
No. It is an assumption you set. Refurbishment bridging currently prices from around 0.75% a month at moderate leverage on standard residential security and higher on heavier works or commercial property. Our rates guide shows the current range by leverage, and we test every case across the whole market.