Bridging Loan Extension and Refinance Readiness Checklist
When a bridging term is running out and the original exit plan has not yet completed, borrowers typically have two options: request an extension from the current lender, or refinance onto a new facility. Both routes require the same foundation — a clear account of the current position, evidence that something has changed or is in progress, and a credible revised exit plan. The quality of that preparation directly affects which options remain available and at what cost.This checklist covers the five areas that lenders typically assess when a bridging case reaches this point. It is relevant whether you are approaching the existing lender for an extension, a new lender for a re-bridge, or a longer-term refinance provider.
Extension and refinance readiness: preparation checklist
Work through each area before approaching a lender — the more that is confirmed, the more options tend to remain available
Items confirmed0 of 20
Section 1: Current loan position — know the numbers before approaching anyone
Redemption statement obtained from the current lender — must include all accumulated interest, extension fees, default charges, and any other amounts outstanding, not just the original loan amount
The full redemption figure is understood and confirmed in writing — the real settlement figure, including all charges, is what a new lender will need to cover, not the original loan balance
Payment history is clear — any arrears or missed payments are identified — lenders will ask about this directly; a transparent account of arrears and the reason for them is better than discovering them mid-process
The current loan-to-value is calculated using today’s estimated value and the real redemption figure — this is the starting point for assessing what any new lender or extension can realistically provide
Section 2: Property position — current value, condition, title and marketability
An up-to-date view of the property’s current market value is available — either a recent formal valuation or a current agent’s opinion; the lender will commission their own, but a realistic sense of value is needed before approaching
The property’s current condition is clearly understood and can be described accurately — any works in progress, completed works, or remaining works should be documented; do not describe the property as further along than it is
Title and ownership are clean with no new charges, complications, or changes since the original loan — any new charges registered against the property, ownership changes, or legal complications need to be identified and disclosed
Access, insurance, and basic marketability of the property are confirmed — particularly important for non-standard properties or those mid-refurbishment; insurability affects what a lender can consider
Section 3: Evidence of progress — what has changed since the original loan
A clear account of what has changed or progressed since the original loan was agreed — this is the central question any lender will ask; what has changed needs a specific and evidenced answer, not a general reassurance
Works completion evidence is assembled where refurbishment was part of the plan — photographs, contractor sign-offs, building control certificates, or specialist certifications as applicable to the works undertaken
Legal or planning progress is documented where those matters were outstanding — written confirmation of resolution or near-resolution from solicitors, planning authority responses, or council correspondence as applicable
Any sale or refinance activity already in progress is evidenced — active marketing evidence, buyer correspondence, or formal refinance application confirmations; we are planning to is not the same as evidence of activity
Section 4: Exit plan — specific, time-bound, and supported by evidence
The exit route is identified specifically — sale, longer-term refinance, or re-bridge with a defined end point — a specific named exit with a named lender type or buyer type is considerably more credible than a general intention to exit
The exit timeline is realistic and built around confirmed steps, not optimistic assumptions — work backwards from the intended exit date to identify what needs to happen, in what order, and who is responsible for each step
For a sale exit: current pricing is consistent with comparable evidence and the marketing approach is active — pricing that requires a buyer to pay above current market evidence to meet the repayment figure is a weak exit assumption
For a refinance exit: the intended lender or lender type has been engaged and their specific criteria are understood — a longer-term refinance that is the plan but has not been discussed with any lender is not yet a confirmed exit route
Section 5: Buffer and contingency — what happens if the primary plan does not land on time
The revised timeline includes a realistic buffer for the most likely delay points — not a worst-case allowance, but a realistic allowance for the delays that are statistically common in transactions of this type
A contingency route has been identified if the primary exit does not complete within the new term — a credible alternative, a different lender, a different structure, or a sale, that does not itself depend on best-case timing
The total cost of each route has been modelled for both the expected timeline and a delayed scenario — understanding what the cost looks like if the exit takes two to three months longer than planned is essential to choosing the right structure
A broker or adviser with relevant experience has been engaged or is being engaged — extension and refinancing situations benefit significantly from a broker who has experience in delayed and distressed bridging cases specifically
This checklist reflects general preparation steps that are commonly relevant when approaching a lender about an extension or refinancing. Individual lender requirements vary considerably. Completing all items does not guarantee a particular outcome — it improves the quality of the information available for a lender’s assessment.
How to use this checklist
Work through each of the five sections before approaching any lender. Each item has a note explaining why it matters. The more that is genuinely confirmed, not just hoped for or in progress, the more credible and complete the picture you are able to present. Incomplete preparation does not necessarily prevent a conversation, but it is likely to generate questions that slow the process or reduce the available options.
The checklist tracks your progress across all five sections. Items can be ticked as they are confirmed. The result panel updates as you work through it to give a sense of where the preparation stands overall.
The five sections
Current loan position
Before approaching any lender, the numbers need to be clear. This means a formal redemption statement from the current lender, including all accumulated interest, default charges, and any other amounts outstanding. The figure most borrowers have in their head is the original loan balance. The figure a new lender needs to cover is the full redemption amount, which is often considerably higher. Knowing the real figure, and the current loan-to-value it implies, is the starting point for everything else.
Property position
A realistic view of the current value and condition of the security property is essential. This does not need to be a formal RICS valuation at this stage, though one will be needed before any new facility completes. What is needed is an honest, evidenced understanding of where the property stands: its current condition, any works completed or in progress, any title or legal changes since the original loan, and confirmation that buildings insurance is in place.
Evidence of progress
The question a lender is always asking at this stage is: what has changed since the original loan was agreed? A specific, evidenced answer to this question is the most valuable thing a borrower can bring to a lender conversation. Photographs, contractor sign-offs, planning correspondence, legal updates, and sale or refinance activity in progress all count. An assurance that progress has been made, without supporting documentation, is not the same thing.
Exit plan
The exit plan at this stage needs to be more specific than it was at the original application. A general intention to sell or refinance is not sufficient. The revised exit route should name the specific intended path, identify the key steps and who is responsible for each one, and be built around a realistic rather than optimistic timeline. Where the exit is a refinance, the intended lender type should have been engaged. Where it is a sale, the marketing approach should be active and pricing should be supported by current comparable evidence.
Buffer and contingency
Even a well-prepared revised plan has risk. The checklist asks whether a realistic time buffer has been built in for the most likely delay points, and whether a credible contingency route exists if the primary plan does not complete within the new term. A contingency that itself depends on best-case timing is not a contingency. Understanding the total cost of each route under both the expected and delayed scenarios is important for choosing the right structure.
Squaring Up
The options available to a borrower in an extension or refinancing situation are directly shaped by how well-prepared the case is. A complete, evidenced picture of the current position gives lenders what they need to move quickly and offer workable terms. An incomplete picture generates questions, slows the process, and can reduce the options available at exactly the moment when options matter most. If your situation involves a complex or difficult exit, the Bridging Exit Strategy Checklist covers what lenders typically need before agreeing exit terms. For a broader overview of how bridging finance works, visit our bridging loans hub.
Disclaimer: This page is for information only and does not constitute financial advice. Figures, rates, and examples are illustrative. Your circumstances will affect what products and terms are available to you. Always speak to a qualified adviser before making financial decisions.
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