Every scheme type redeems differently

Underwriting an exit starts with a simple question: how does the money come back? For a housing phase it comes back in a sequence of plot completions, so release pricing per plot matters more than the headline rate. For a block of flats it comes back through a smaller pool of buyers than the unit count suggests, because mortgage lenders cap their exposure inside a single building and valuers apply bulk discounts to whole-block figures. For build-to-rent, student schemes and HMOs it comes back through a refinance once the income is proven, which makes lease-up speed and rental cover the real underwriting. The pages below set out how we structure exit funding for each, and the leverage and pricing each typically supports. All bands are illustrative and nothing here is an offer of finance.