Time to First Occupation refers to the period from practical completion of a property development until the first tenant or buyer takes possession. In UK property development finance, it marks the earliest point at which rental or sale income begins, directly impacting cash flow projections and loan drawdowns. This metric is vital for developers and lenders to assess the timing of operational revenue, early loan repayments, and project risk. Alongside metrics such as Time to 75% Let (commercial) and Time to Full Let, it provides valuable insights into how quickly a development starts generating income and achieves financial stability.
This sits beneath Cash Inflow Timing, introducing a more specific variant of the measure without changing its core interpretation. In funding terms, Time to First Occupation is most commonly encountered in connection with Commercial Mortgage within the property development capital stack.
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