Prime build to rent finance for high-specification schemes

How we fund prime build to rent

We fund prime schemes on their gross development value and the keen prime yield they value to. We model the GDV, the build cost and the net operating income the scheme produces once let, then arrange senior development finance to around 60 to 65% of loan to cost, with mezzanine and equity toward 70 to 75% of loan to GDV. The decisive variable is the prime net initial yield: prime stock values keener than the wider market, Knight Frank put inner-London multifamily from 3.90% and Greater London at 4.25% in September 2025, so a modest move in yield moves the value and therefore the loan to GDV. Because prime lot sizes are large, the senior facility frequently sits beneath mezzanine and operator equity, which we arrange alongside it, and forward funding from an institutional buyer is common at this end of the market. Once the scheme stabilises, an investment loan or an institutional sale re-prices or repays the debt. Every figure is indicative and never an offer; the terms depend on the GDV, the prime yield and the operator, and we run the market to find them.

Lender appetite for prime build to rent

Prime BTR attracts deep but selective appetite, because the lot sizes are large and the value rests on the keenest yields. Development banks and debt funds such as Shawbrook, OakNorth, United Trust Bank, Paragon and Atelier fund prime schemes on loan to cost and loan to GDV, institutional funders forward fund or acquire completed prime stock, and private and bespoke lenders fund larger or more complex prime lot sizes that sit beyond mainstream appetite. Mezzanine and equity providers complete the stack. Knight Frank put inner-London prime multifamily net initial yields from 3.90% and Greater London at 4.25% in September 2025, the keenest in the UK, which is what makes prime so fundable while leaving the value sensitive to yield. London remains the most liquid BTR investment market despite a sharp fall in starts. As an arranger and introducer with no exclusive tie, we match the scheme, the operator and the lot size to the funder most comfortable with prime, and assemble the senior, mezzanine and equity layers into a coherent stack.

The prime build to rent market and exit

Prime trades on the keenest yields and the deepest demand. Knight Frank put inner-London prime multifamily net initial yields from 3.90% and Greater London at 4.25% in September 2025, the finest pricing in the UK, evidence of deep institutional and overseas appetite for the best stock. London is the most liquid BTR market, though delivery is constrained: London BTR starts fell about 93% between 2022 and 2025 (Savills), with more completions than starts for eight straight quarters, which tightens future supply and supports values for completed prime stock. UK PRS rental inflation ran at 4.0% in 2025 (Knight Frank). A stabilised, well-let prime scheme valuing to the keenest yield is a sought-after institutional and overseas asset with a clear sale or refinance exit, which is what gives a development lender confidence on the completed position even as it underwrites the yield sensitivity with care. We structure the funding with that exit in view.