Penge, South East London — security property
A property investor purchased a house in Penge, South East London for £475,000 before investing approximately £150,000 in a full refurbishment. The property was then placed under offer at £825,000, creating an expected gross profit of around £200,000 before finance costs.
The challenge was timing. The existing bridging loan was reaching maturity, the buyer was renegotiating the purchase price, and default interest was about to apply. AF Credit refinanced the existing bridge with a £485,000 no valuation bridging loan — using only a desktop valuation at 65% LTV — allowing the borrower to avoid default interest while keeping both the sale and a buy-to-let refinance available as exit strategies.
Penge, South East London — security property
The existing bridge was approaching its deadline with no extension available. The buyer was seeking a price reduction and raising additional enquiries, making the exchange timeline uncertain. Default interest was about to apply. There was also a restriction and a right of way conveyancing registration issue on the title that required resolving before a new charge could be taken.
AF Credit refinanced the existing bridge using a no valuation bridging loan — completed on a desktop valuation only, without a surveyor attending. The restriction and right of way conveyancing registration issue were resolved using dual representation legals. An 8-month term provided a dual exit: complete the sale or refinance onto a buy-to-let mortgage.
No valuation bridging loan completed. Restriction and right of way conveyancing registration issue resolved via dual representation legals. Existing bridge redeemed before maturity. Default interest avoided. Borrower retained two exit strategies.
Unlike many bridging lenders, AF Credit did not require a surveyor to inspect the property. The no valuation bridging loan was completed using only a desktop valuation because:
Removing the physical valuation reduced both costs and completion time — and removed the risk of a down-valuation on a recently refurbished property.
In May 2025, the borrower purchased a residential property in Penge, South East London for £475,000. Over the following months they carried out a full refurbishment at a cost of approximately £150,000, bringing the property to a high-quality saleable standard and achieving an agreed sale price of £825,000 — a gross profit of approximately £200,000 before finance costs.
The problem was timing. The buyer began renegotiating the purchase price and raised additional enquiries, making it unclear when exchange would take place. Meanwhile, the existing refurbishment bridge was approaching maturity with no extension available. Default interest — significantly higher than the contracted rate — was about to apply.
Rather than become dependent on a single exit under time pressure, the borrower sought to refinance the existing bridge with a no valuation bridging loan: clearing the existing facility in an orderly way, avoiding default interest, and retaining both the sale and a buy-to-let refinance as credible exits over an 8-month term.
If your bridge is approaching maturity, your sale has been delayed or your lender won't extend the term, AF Credit may be able to refinance your existing facility without requiring a physical valuation. We regularly complete no valuation rebridges in as little as 5–10 working days, subject to underwriting.
Get same-day rebridge terms| Day | Stage |
|---|---|
| 4th June | Enquiry received — formal terms issued within 2 hours |
| 5th June | Application forms completed and submitted — legals instructed simultaneously — desktop valuation completed same day, confirming £825,000 value without surveyor attendance |
| 5th–19th June | Legal work progressed — restriction and right of way conveyancing registration issue resolved via dual representation legals |
| 19th June | Legals completed — £485,000 net released same day — existing bridge redeemed — default interest avoided |
| Item | Detail |
|---|---|
| Property type | Refurbished residential freehold, Penge, South East London |
| Purchase price (May 2025) | £475,000 |
| Refurbishment cost | ~£150,000 |
| Property value / sale price | £825,000 |
| Expected gross profit | ~£200,000 before finance costs |
| Gross initial advance | £535,718 |
| Net loan | £485,000 |
| Gross LTV | 65% (£535,718 ÷ £825,000) |
| Monthly interest rate | 0.85% per month |
| Retained interest (8 months) | £36,429 |
| Arrangement fee | £10,714 |
| Exit fee | 0.85% |
| Legal fee | £2,580 |
| Administration fee | £995 |
| Loan term | 8 months |
| Charge | First legal charge |
| Valuation method | Desktop — no physical inspection required |
| Legal approach | Dual representation legals |
| Title complexity | Restriction and right of way conveyancing registration issue — resolved |
| Exit 1 | Sale to buyer under offer at £825,000 |
| Exit 2 | Refinance onto buy-to-let mortgage |
This case had several features that might give a mainstream lender pause — a renegotiating buyer, a refurbishment completed just months before the rebridge application, and a restriction alongside a right of way conveyancing registration issue on the title. In practice, none of these were deal-breakers once the underlying position was assessed properly.
A no valuation bridging loan is a short-term property loan completed without requiring a surveyor to physically inspect the property. Instead of a full RICS valuation, the lender uses a desktop assessment — comparing recent sales, planning history and market data — to determine a lending value. This removes both the cost of a survey and the time it takes to arrange one, making it significantly faster than a standard bridging loan.
Yes. Refinancing one bridging loan with another — known as a rebridge — is a common solution where the original lender refuses to extend, the exit has been delayed, or the borrower needs more time to complete a sale or arrange long-term finance. A specialist lender like AF Credit can often assess a rebridge and issue terms the same day.
Yes. If your bridging loan is approaching maturity and your exit is not yet ready, refinancing with a new facility can prevent default interest from applying. Depending on the asset and LTV, a no valuation rebridge can often complete in 5–10 working days — giving time to redeem the existing lender before the higher default rate triggers.
If your bridging loan expires before your planned exit, the lender will typically apply default interest — often significantly higher than the contracted rate — and may begin enforcement action. Refinancing onto a new bridging facility before the existing loan expires is usually the fastest and most cost-effective solution. The sooner you act, the more options you have.
Yes — and this is generally preferable to waiting until after default interest has already begun. AF Credit can assess a rebridge case and issue indicative terms on the same day you make contact. Acting early gives more runway to complete the refinance in an orderly way.
Yes. A rebridge does not require the property to have sold. It simply replaces the existing bridging loan with a new facility, giving additional time to complete the sale or arrange alternative long-term finance such as a buy-to-let mortgage. A dual exit strategy — sale and BTL refinance — is common and viewed positively by specialist lenders.
Yes. A property under offer actually provides useful additional evidence of market value. Where LTV is conservative and comparables support the agreed price, AF Credit can often complete a no valuation bridge using a desktop assessment only — without instructing a surveyor.
Yes. AF Credit offers no valuation bridging loans via AVM (automated valuation model), desktop valuation or existing RICS report routes, depending on the property and LTV. Residential properties in established markets with strong comparable evidence are most likely to qualify. See our no valuation bridging loans page for more detail.
A desktop valuation is a remote assessment of a property's value carried out without a surveyor physically attending. The lender uses comparable sales, planning records, floor plans and local market data to determine a lending value. It is typically completed within 24 hours, removing both the cost and the delay of a traditional RICS report.
AF Credit considers no valuation bridging loans at up to approximately 65–70% LTV depending on property type, location and the quality of available evidence. In this Penge case, the no valuation rebridge was completed at 65% gross LTV (£535,718 gross loan against an £825,000 value).
Where a desktop valuation is used alongside a no-search indemnity policy, a rebridge can often complete in approximately 10 working days from instruction. AF Credit issues same-day indicative terms in most cases. More complex title positions may add time to the legal process, but do not necessarily prevent a fast overall timeline.
Whether your existing bridge is reaching maturity, your sale has been delayed, or your buyer is renegotiating — AF Credit can often refinance your existing bridge with a no valuation bridging loan and issue terms the same day you call. Every case is assessed individually. Where the asset, equity and exit are strong, completion in 5–10 working days is realistic.
Get same-day rebridge termsDisclaimer: Case study details have been anonymised to protect client confidentiality. All lending is subject to underwriting and credit approval is not guaranteed. Any property used as security may be repossessed if you do not repay your loan within the agreed term. AF Credit acts solely as a lender and does not provide financial advice.