Indicative PBSA rates and LTVs
Anonymised lender-type ranges for max LTV, indicative cost, and term. Use this to benchmark stage and leverage before a formal credit process.
| Lender | Max LTV | Rate | Term |
|---|---|---|---|
| Specialist | 65% | SONIA + 2.75-4.25% | 3-5 years |
| Challenger | 65% | SONIA + 2.50-3.75% | 3-7 years |
| Debt fund | 70% | SONIA + 4.50-6.50% | 2-4 years |
| Development | 70% | SONIA + 5.00-7.00% | 18-30 months |
| Mezzanine | 80% | 10-15% all-in | 12-36 months |
Figures are indicative market ranges, not live quotes or lending commitments. The right product depends on the asset, NOI, sponsor, operator, timeline, and lender appetite.
PBSA finance matrix
Filter by facility type and sort by leverage, rate, fees, or term. Match the product to deal stage, then compare all-in cost rather than headline LTV alone.
Showing 20 of 100 indicative options
| Facility | Lender | Max LTV | Rate |
|---|---|---|---|
| Senior Debt | Specialist | 55% | SONIA + 2.50-3.50% |
| Senior Debt | Challenger | 60% | SONIA + 2.75-4.00% |
| Senior Debt | Commercial | 65% | SONIA + 3.00-4.25% |
| Senior Debt | Debt fund | 65% | 6.50-8.50% all-in |
| Senior Debt | Specialist | 55% | SONIA + 2.50-3.50% |
| Senior Debt | Challenger | 60% | SONIA + 2.75-4.00% |
| Senior Debt | Commercial | 65% | SONIA + 3.00-4.25% |
| Senior Debt | Debt fund | 65% | 6.50-8.50% all-in |
| Senior Debt | Specialist | 55% | SONIA + 2.50-3.50% |
| Senior Debt | Challenger | 60% | SONIA + 2.75-4.00% |
| Senior Debt | Commercial | 65% | SONIA + 3.00-4.25% |
| Senior Debt | Debt fund | 65% | 6.50-8.50% all-in |
| Senior Debt | Specialist | 55% | SONIA + 2.50-3.50% |
| Senior Debt | Challenger | 60% | SONIA + 2.75-4.00% |
| Senior Debt | Commercial | 65% | SONIA + 3.00-4.25% |
| Senior Debt | Debt fund | 65% | 6.50-8.50% all-in |
| Senior Debt | Specialist | 55% | SONIA + 2.50-3.50% |
| Senior Debt | Challenger | 60% | SONIA + 2.75-4.00% |
| Senior Debt | Commercial | 65% | SONIA + 3.00-4.25% |
| Senior Debt | Debt fund | 65% | 6.50-8.50% all-in |
| Senior Debt | Specialist | 55% | SONIA + 2.50-3.50% | 1.0-1.25% | 3 years |
| Senior Debt | Challenger | 60% | SONIA + 2.75-4.00% | 1.0-1.5% | 5 years |
| Senior Debt | Commercial | 65% | SONIA + 3.00-4.25% | 1.25-1.75% | 3-5 years |
| Senior Debt | Debt fund | 65% | 6.50-8.50% all-in | 1.0-1.25% | 5-7 years |
| Senior Debt | Specialist | 55% | SONIA + 2.50-3.50% | 1.0-1.5% | 3 years |
| Senior Debt | Challenger | 60% | SONIA + 2.75-4.00% | 1.25-1.75% | 5 years |
| Senior Debt | Commercial | 65% | SONIA + 3.00-4.25% | 1.0-1.25% | 3-5 years |
| Senior Debt | Debt fund | 65% | 6.50-8.50% all-in | 1.0-1.5% | 5-7 years |
| Senior Debt | Specialist | 55% | SONIA + 2.50-3.50% | 1.25-1.75% | 3 years |
| Senior Debt | Challenger | 60% | SONIA + 2.75-4.00% | 1.0-1.25% | 5 years |
| Senior Debt | Commercial | 65% | SONIA + 3.00-4.25% | 1.0-1.5% | 3-5 years |
| Senior Debt | Debt fund | 65% | 6.50-8.50% all-in | 1.25-1.75% | 5-7 years |
| Senior Debt | Specialist | 55% | SONIA + 2.50-3.50% | 1.0-1.25% | 3 years |
| Senior Debt | Challenger | 60% | SONIA + 2.75-4.00% | 1.0-1.5% | 5 years |
| Senior Debt | Commercial | 65% | SONIA + 3.00-4.25% | 1.25-1.75% | 3-5 years |
| Senior Debt | Debt fund | 65% | 6.50-8.50% all-in | 1.0-1.25% | 5-7 years |
| Senior Debt | Specialist | 55% | SONIA + 2.50-3.50% | 1.0-1.5% | 3 years |
| Senior Debt | Challenger | 60% | SONIA + 2.75-4.00% | 1.25-1.75% | 5 years |
| Senior Debt | Commercial | 65% | SONIA + 3.00-4.25% | 1.0-1.25% | 3-5 years |
| Senior Debt | Debt fund | 65% | 6.50-8.50% all-in | 1.0-1.5% | 5-7 years |
Rates and fees are shown as ranges because this is not a live lender quote table. Actual pricing can move with SONIA, leverage, asset quality, lease structure, pre-let status, sponsor strength, lender appetite, and the specific security package.
How PBSA finance rates work
Most PBSA investment loans are priced as a floating rate: a reference rate (often SONIA) plus a lender margin, with arrangement, exit, and sometimes commitment fees on top. Headline margin alone understates cost if hedging, covenants, and prepayment terms are ignored.
| Facility | What pricing usually reflects | Typical leverage lens |
|---|---|---|
| Senior investment | Stabilised NOI, DSCR, operator, city | LTV on investment value |
| Development | Cost plan, GDV, programme, sponsor | LTC / % of GDV |
| Mezzanine | Senior headroom and exit certainty | Total leverage above senior |
| Bridge / short-term | Speed, exit path, asset quality | Lower LTV or short tenor |
What drives PBSA pricing and LTV
Lenders price and leverage the same asset differently once income quality, operator strength, and city demand change. Strong nomination cover or multi-year occupancy usually improves both margin and LTV; weak operators, thin DSCR, or contested locations push pricing out or cap leverage.
- Income durability — rent roll, occupancy by academic year, and NOI after realistic opex.
- Sponsor and operator — track record, equity contribution, and management arrangements.
- Asset and location — bed mix, amenities, university catchment, and competing supply.
- Structure — term, amortisation, hedging, covenants, and prepayment flexibility.
For funder identity and appetite by stage, use the Best PBSA Lenders guide. When a range looks right for your scheme, discuss finance with asset, beds, amount, and timeline.
Sources
FAQs
What are typical PBSA finance rates in the UK?
Stabilised senior debt is usually priced as a margin over SONIA or a lender base rate, plus arrangement and exit fees. Development and mezzanine facilities price higher to reflect construction and subordinated risk. The tables on this page show indicative ranges — not live quotes.
What LTV is available on PBSA finance?
Stabilised investment loans commonly sit around 55–65% LTV where income and DSCR support it. Development finance is assessed more on LTC/GDV than standing-asset LTV. Bridge and mezzanine products can increase total leverage but raise all-in cost and covenant intensity.
Are the rates on this page live lender quotes?
No. They are anonymised indicative market ranges for planning and comparison. Actual terms depend on city, asset quality, NOI, operator, sponsor track record, lease structure, and lender appetite at the time of enquiry.
How should I compare PBSA finance options?
Compare all-in cost — margin, fees, hedging, covenants, and prepayment — not headline LTV alone. Match facility type to deal stage (acquisition, refinance, development, bridge), then shortlist lenders who have closed similar PBSA recently.
Where do I find which lenders offer these products?
Use the Best PBSA Lenders guide and directory for funder profiles, then return here for indicative pricing ranges by facility type. When you are ready to sound the market, start a finance enquiry.