Bridging loan schedule of works
Bridging and refurbishment lenders release works funds in stages against a schedule of works and a drawdown plan. Estimate your finance cost below, then build the schedule with phased drawdowns tied to each stage for monitoring-surveyor sign-off.
What a bridging lender needs
- 1A costed, phased schedule
Itemised works by trade, split materials/labour, grouped into phases with subtotals — so the lender can see what each drawdown pays for.
- 2A drawdown schedule
Staged releases tied to phase completion (e.g. 30% / 30% / 25% / 15%), each signed off by the monitoring surveyor before funds are released.
- 3A programme of works
Realistic durations per phase, so the lender can set a facility term with headroom over your programme.
- 4An appraisal with exit
Day-1 LTV, LTGDV, the gross facility and a credible exit (sale or refinance) showing the loan will be repaid.
The schedule of works and the drawdown schedule are two sides of the same document for a bridging lender. The schedule says what the money buys; the drawdown says when it’s released and what the surveyor signs off to release it. ScopeWise generates both from the same data and ties each tranche to a phase subtotal, so the package you send your broker is already in the shape the lender expects.
Typical bridging finance terms (indicative)
| Item | Typical range |
|---|---|
| Monthly interest rate | 0.75%–1.1% per month |
| Annualised | ~9%–13% pa |
| Arrangement fee | 1.5%–2% of facility |
| Exit fee | 0%–2% (some lenders nil) |
| Day-1 LTV (purchase) | Up to ~70–75% |
| Max LTGDV | Often ~70–75% |
| Term | Typically 6–18 months |
Indicative market ranges — your rate depends on experience, asset and exit. Confirm with a broker.
Frequently asked questions
How does a bridging loan fund refurbishment works?+
The lender usually advances a percentage of the purchase on day one, then funds the works in arrears via staged drawdowns. A monitoring surveyor inspects at each stage and authorises the next tranche against the schedule of works.
How is bridging interest calculated?+
Interest is charged monthly on the drawn balance and is often retained or rolled up (added to the loan) rather than serviced. As a simple estimate, multiply the facility by the monthly rate by the number of months — the calculator above does this, plus arrangement and exit fees.
What is LTGDV?+
Loan to Gross Development Value — the total facility (day-1 advance plus works) divided by the projected end value (GDV). Development-style bridging lenders cap LTGDV (often around 70–75%) as a measure of headroom on exit.
What's the difference between day-1 and total facility?+
The day-1 advance funds the purchase; the total (gross) facility also includes the works drawn in stages. Lenders quote both — your cash requirement is the purchase and costs not covered by the day-1 advance.
Related tools & guides
Cost figures shown are indicative estimates, not quotations. You are responsible for verifying all costs (obtain contractor quotes) and any figures submitted to a lender. ScopeWise is a documentation tool, not financial, tax, structural or planning advice. HMO compliance prompts are guidance only — confirm requirements with your local council, as standards and licensing vary by authority.