- GDV
- Gross Development Value. Total resale value of the completed scheme.
- GIA
- Gross Internal Area. Inside the external walls, including circulation and structural elements.
- NIA
- Net Internal Area. Saleable area inside the unit; excludes walls, common parts, plant.
- Net-to-gross
- Ratio of NIA to GIA. Typically 80 to 90 percent depending on building form.
- NDSS
- Nationally Described Space Standard. Minimum dwelling and bedroom sizes.
- BCIS
- Building Cost Information Service. RICS-published tender-price index.
- BCIS general
- BCIS general building cost index. The headline £/sqm series.
- Residual
- Residual land value: GDV minus costs minus profit divided by (1 + SDLT).
- Comparable method
- Land valuation by reference to recent transactions for similar sites.
- PoC
- Profit on cost: (GDV minus costs) divided by costs.
- PoGDV
- Profit on GDV: (GDV minus costs) divided by GDV.
- LTGDV
- Loan to gross development value. Senior cap typically 60 to 65 percent.
- LTC
- Loan to cost. Senior cap typically 75 to 80 percent.
- Senior debt
- First-charge development facility. Lowest cost, lowest LTV.
- Mezzanine
- Second-charge debt. 12 to 18 percent all-in Q2-2026.
- Pref-equity
- Investor capital ranking behind both senior and mezz; takes equity not a charge.
- IRR
- Internal rate of return. The discount rate at which NPV equals zero.
- BNG
- Biodiversity Net Gain. Statutory 10 percent gain over baseline since 12 Feb 2024.
- CIL
- Community Infrastructure Levy. Tariff per sqm of net additional floorspace.
- Section 106
- Planning obligation: site-specific contributions or affordable housing.
- SDLT
- Stamp Duty Land Tax. England and NI.
- LBTT
- Land and Buildings Transaction Tax. Scotland.
- ADS
- Additional Dwelling Supplement. Scotland LBTT 8 percent surcharge.
- LTT
- Land Transaction Tax. Wales.
- MDR
- Multiple Dwellings Relief. Abolished 1 Jun 2024.
- MRICS
- Member of the Royal Institution of Chartered Surveyors.
- RICS Red Book
- RICS Valuation Global Standards. Mandatory framework for regulated valuations.
- PPG
- Planning Practice Guidance. Live online guidance supplementing NPPF.
- PPG-Viability
- PPG section on viability assessment. References 17.5 percent PoGDV benchmark.
- NPPF
- National Planning Policy Framework. Dec-2025 revision in force.
- Class O
- PDR class for office-to-residential conversion. Now subsumed under Class MA in most cases.
- Class MA
- PDR commercial / business / service (Class E) to C3. In force 1 Aug 2021.
- Class Q
- PDR agricultural building to dwelling. Up to 10 dwellings, 150 sqm cap.
- S-curve
- Drawdown profile: slow start, rapid mid-build, slow tail.
- Monitoring surveyor
- Lender-appointed surveyor reporting on draw stages and cost overruns.
- Practical completion
- Building complete and capable of beneficial occupation; certified by the contract administrator.
- Arrangement fee
- Up-front lender fee, typically 1 to 2 percent of facility.
- Exit fee
- Lender fee at redemption, typically 1 to 2 percent of facility.
- Pref
- Preferred return in a JV waterfall. Investor receives this before split kicks in.
- Promote
- Developer's enhanced share above an investor hurdle.