Glossary

As-if-complete valuation

What an as-if-complete valuation means, and how it's used alongside cost to test a development's loan to value ratio.

An as-if-complete valuation estimates what a property would be worth today if the proposed works were already finished, used by lenders as the "value" side of a loan-to-value calculation on a development or construction facility. It is closely related to a valuation on completion but framed as a present-day estimate rather than a forward projection to a future completion date, and the two terms are often used together depending on the valuer's methodology. Lenders lend against the lower of the as-if-complete valuation and total project cost plus margin, which is why an ambitious as-if-complete assumption on its own rarely increases the amount a project can borrow if the cost side does not support it. Borrowers should expect the lender's panel valuer's as-if-complete figure to be the number that matters, not any earlier estimate used in a feasibility prepared before finance was sought.

Related

Construction finance · Valuation on completion · LTC

Confidential enquiry

Indicative terms in three minutes

Business-purpose and investment finance only. No credit check at this stage.

Confirm what the finance is for

Explore

Related finance.

By borrower type

Explore

Not quite the right product? Every loan type we arrange.

Most scenarios can be structured more than one way. Browse the alternatives, or tell us the situation and we'll recommend the structure.

Business cash flow

Property-backed

Development

Situational

Rural & international

All loan types →