Bridging Finance Plymouth

A naval city that runs on schedules

Plymouth is the largest city on the English south coast west of Southampton, the home port of the surface fleet's Devonport submarine and frigate base, and the gateway to the South West peninsula. HMNB Devonport, Babcock International Group, Princess Yachts, the University of Plymouth and the Royal William Yard regeneration shape an unusually concentrated mix of defence, marine, education and waterfront economies. Property investors and developers working across PL1 through to PL9 tend to operate at the speed of those schedules. Naval refits run to timetables set years in advance. Royal William Yard apartment phases hit practical completion against pre-agreed marketing windows. Auction completions for tired Devonport terraces run against the 28-day clock with no slack. Bridging finance is the instrument that makes those timetables work.

This page is a working briefing rather than a brochure. It is written for the people who already know roughly what a bridge is and who want to know how the Plymouth market is behaving in 2026, which lenders are pricing each segment, and what a deal actually looks like when it crosses our desk. We cover the six archetypes that drive most short-term lending in the city, the four sectors where Plymouth has its sharpest edge, the lender panel we work with, five worked deal flavours we see month after month, and a forward look into 2027. Read it end to end if you have ten minutes, or skip to the section that maps to the case in front of you. Either way, when you want to talk a deal through, the contact details sit at the foot of every page on this site.

Bridging Finance Devon

Plymouth is the largest single market within Devon, but the county is one of the deepest sources of bridging demand in the South West, with around 1,196 monthly search impressions on the commercial bridging loans Devon term alone in our most recent Search Console sample. The county covers a wide property landscape that runs from Exeter and the Exe estuary in the east, through Mid Devon and Tiverton along the M5 corridor, out to North Devon at Barnstaple, Bideford and Ilfracombe on the Atlantic coast, down through Okehampton and Tavistock at the Dartmoor fringe, across to Plymouth and the South Hams at Totnes, Dartmouth and Salcombe, and along the Torbay coast at Torquay and Paignton. We arrange specialist bridging finance across every Devon postcode and across every county district from North Devon and Torridge in the north to Plymouth, the South Hams and Torbay in the south.

The county-level bridging mix differs from the Plymouth-only book in shape. Rural and semi-rural Devon stock outside the city's PL postcodes runs through Tavistock, Okehampton, Totnes, Dartmouth and Salcombe with a heavier weighting to conversion barns, period cottages, holiday-let acquisition and small mixed-use freeholds on village high streets. Exeter and Mid Devon add a substantial owner-occupier chain-break and family-home refurbishment book. Torbay carries a deep holiday-let market on the English Riviera frontage at Torquay and Paignton. North Devon at Barnstaple and Bideford runs steady BTL refurbishment and small commercial bridging on the working town economies. The same eight-lender panel covers every district, with rates priced in line with Plymouth city headline ranges.

Plymouth Bridging Market 2026

Bridging activity in Plymouth has held up better through 2025 and into 2026 than many comparable South West cities. Three forces explain that. Stock availability at auction remains stronger than the wider regional average, with Plymouth Auction Rooms and the national catalogues regularly listing PL1 to PL5 terraces at attractive entry prices. Refurbishment-to-buy-to-let economics still work cleanly on PL4 Mutley, PL2 Devonport and PL5 Ernesettle stock once you assume sensible rent yields. And the development pipeline that ran hot through the Royal William Yard, Mount Wise and Plymstock Quarry sites from 2022 to 2024 is now reaching practical completion in volume, generating a wave of development-exit refinance deals into bridging as schemes move from build phase to sales phase.

On rates, the picture in May 2026 is steadier than it was eighteen months ago. The ranges we are pricing across the panel are as follows. Regulated bridging on owner-occupied homes is sitting between 0.55% and 0.85% per month, with the lower end reserved for clean chain-break cases at 65% loan-to-value or below and a clear onward-sale exit. Unregulated standard bridging on investment, buy-to-let and commercial property is running between 0.65% and 1.25% per month, with the bulk of our Plymouth book pricing inside 0.75% to 0.95%. Heavy refurbishment and development-exit cases sit at 0.75% to 1.5% per month, with pricing driven by build complexity, the strength of the contractor, and the planned exit. Second-charge bridging behind an existing first sits at the upper end of those bands.

Loan sizes across the city run from £100,000 at the smaller terrace end of Ernesettle and Devonport up to £8 million on larger development-exit cases at Royal William Yard and Saltram Meadow. The middle of the book, where most of our Plymouth work sits, is £200,000 to £1.5 million. Terms are short by design. Six to twelve months covers most cases. Eighteen months is available where the works schedule needs it. Twenty-four months is unusual on a standard bridge and is more often a signal that the deal wants to be development finance or term commercial debt rather than a bridge.

The HM Land Registry sample for Plymouth shows 4,806 transactions across the eight PL postcode districts in the most recent 18-month period, with an overall median price of £225,000. Within that the spread is wide. PL9 around Plymstock and Hooe carries the highest postcode-area median at £305,000, lifted by the larger family-home stock and the waterfront premium. PL7 around Plympton settles at £260,000. PL3 around Mannamead and Peverell sits at £246,000. PL6 around Crownhill and Derriford comes in at £240,000. PL4 at Mutley and Greenbank, PL5 at Ernesettle and PL2 at Devonport sit between £185,000 and £195,000. PL1 in the city centre is the lowest at £176,500, where flat stock and ex-local-authority units pull the median down.

Lender appetite has shifted in two specific directions over the past twelve months. First, bridgers writing development-exit business have sharpened. They want clean stock with valid warranties, a clear sales plan, and ideally some pre-completion interest from buyers. Where those boxes tick, pricing has tightened by perhaps 0.1% to 0.15% per month against 2024. Second, refurbishment-to-BTL appetite has improved, helped by gradually settling buy-to-let term-rate expectations. Lenders are more willing to look at a BRR exit at 75% loan-to-value if the stress on the proposed buy-to-let refinance looks deliverable on a five-year fixed at current pricing. Auction stock continues to clear with steady appetite, particularly in PL1, PL4 and PL5 where two-up two-down terraces under £200,000 still represent the bulk of lots coming through regional rooms.

What is moving the deal flow in 2026, in plain terms, is a combination of older development books winding down and being refinanced into bridging, ongoing auction supply at the lower end of the Plymouth price range, and a steady stream of landlords adding to portfolios where the refurb arithmetic works. We see a thinner book of pure speculative purchases, which fits the wider South West picture, and chain-break activity holding roughly flat against last year. The local lending map is busy without being frantic, which is the kind of market where bridging tends to do its best work.

When Plymouth Investors Use Bridging

Bridging in Plymouth distributes itself across six borrower archetypes that show up month after month on the desk. The weights differ from a London or a Manchester book, shaped by the city's naval, university, marine and waterfront character.

The first archetype is the auction investor. Plymouth Auction Rooms run six to eight sales a year and the national catalogues at Allsop and Auction House South regularly list PL postcode stock alongside it. Most lots sit between £130,000 and £280,000, often terraces in Devonport, Mutley, Ernesettle and the inner-city PL1 belt that need cosmetic refurb before a BTL refinance. The 28-day clock from hammer fall to completion is the constraint that defines every conversation. We routinely arrange a valuation booking inside 72 hours of taking the auction pack, push for title insurance where the seller's pack is incomplete, and complete inside 14 days on anything that does not have a quirk in the title or vacant-possession status.

The second archetype is the BRR landlord, building a portfolio across the inner-city and Devonport terrace belt. These investors run a repeatable cycle: buy a tired three-bed at £180,000 to £260,000, fund cosmetic and medium refurb of £25,000 to £40,000 on a 9-month bridge at 0.85% per month, exit to a BTL term loan at uplifted value, and use the resulting portfolio equity to fund the next acquisition. Plymouth's BTL yields, particularly the 6% to 7% gross on Devonport and Mutley three-bed stock, make this archetype the deepest single source of unregulated bridging volume in the city.

The third archetype is the residential chain-break buyer. Owner-occupiers trading between Plymstock and Plympton family homes, downsizing from a Mannamead villa into a Hoe flat, or moving up from a Mutley terrace into a Peverell Edwardian villa all need to complete the onward purchase before the existing sale completes. These are regulated cases, passed to our regulated partner firm, with rates from 0.55% per month at 65 to 70% LTV. Six-month terms are common; nine-month terms appear where the onward sale is in a slower chain.

The fourth archetype is the developer reaching practical completion. Royal William Yard apartment phases, Plymstock Quarry and Saltram Meadow townhouse releases, the Mount Wise apartment programme and smaller infill schemes around Stonehouse and the inner harbour fringe all generate steady dev-exit work. Bridges of £1 million to £4 million at 0.85% to 1.05% per month replace development facilities once units are marketing, with the carry-cost saving often paying for the arrangement fee inside three to four months.

The fifth archetype is the commercial-property owner raising short-term capital. Mixed-use freeholds along Union Street, New George Street, Mannamead Road and the Barbican harbour-side parade come through for upper-floor conversion, lease-regear capital raise, and acquisition of leased premises by the sitting tenant. Loan sizes £350,000 to £900,000, 12 to 18-month term, rate 0.95% to 1.15% per month, exit on commercial-investment refinance.

The sixth archetype is the holiday-let and short-let acquirer. The Barbican, Plymouth Hoe, Royal William Yard and the Mount Batten peninsula carry the city's strongest short-let demand, lifted by year-round heritage tourism, the Mayflower Steps and Plymouth Gin Distillery visitor flow, and the cross-channel ferry traveller pool from Millbay. Investors picking up flats or smaller period stock take 6 to 9-month bridges at 0.85% to 0.95% per month, with underwriting focused on long-let comparable rent rather than projected short-let income, LTV typically 65%, exit on BTL refinance or sale.

Sector deep-dives

Devonport, Babcock and the naval-economy BTL stock

HMNB Devonport is the largest operational naval base in Western Europe and the city's single biggest employer, with around 11,000 staff between the Royal Navy and Babcock International Group. The dockyard occupies the entire waterfront from the Tamar Bridges south to Mount Wise, with the Vanguard-class nuclear submarines based at the Trident facility and the surface fleet's frigate and survey vessels at the South Yard. Babcock operates the dockyard under contract from the Ministry of Defence and provides the majority of civilian employment, with around 5,000 staff on site. The wider Plymouth defence-sector workforce runs to over 19,500 positions across the dockyard, the supporting marine engineering supply chain and Princess Yachts at the South Yard adjacent to Devonport.

The bridging work in this segment is heavily weighted to the Devonport naval-housing terrace stock. Victorian terraces running through Fore Street, Marlborough Street and the inland streets between Mutton Cove and the Stoke boundary form a deep BTL rental market, originally built for dockyard workers in the late 1800s and now serving as long-term renting accommodation for Royal Navy and Babcock personnel. Investors buy two-up two-down terraces at £130,000 to £200,000, fund cosmetic refurb of £15,000 to £30,000 on a 9-month bridge at 0.85% per month, and exit to a BTL term loan at uplifted value. BTL yields on Devonport stock typically sit at 6% to 7% gross, with average void periods on well-presented two-bed terraces running below three weeks. Lenders see PL2 Devonport stock as core BTL territory, and the lender shortlist is broad. MT Finance, Roma Finance, Hope Capital and Together all price well on this asset class.

Alongside the BTL refurbishment book, the Mount Wise regeneration apartment programme at the south-eastern tip of Devonport has generated a steady dev-exit pipeline since 2018, with three-tower waterfront blocks reaching practical completion in phases. The naval-officer and younger professional owner-occupier demand for Mount Wise stock, combined with steady investor appetite for the harbour-view rental flats, underwrites the dev-exit refinance cycle. Loan sizes £750,000 to £3 million, rate 0.85% to 1.05% per month, LTV 65% against gross development value.

Plymouth University student HMO at Mutley, Greenbank and North Hill

The University of Plymouth has around 23,000 students concentrated across PL4 and the inner-city PL1 belt, with Plymouth College of Art adding a further 1,500 students. The student-let stock that serves this population is concentrated in three areas. Mutley carries the deepest single concentration of licensed HMO and student-let terraces, with Victorian and Edwardian bay-fronted three to five-bed houses on streets running off Mutley Plain, North Hill and Furzehill Road. Greenbank to the east of Mutley carries the densest student-let footprint immediately adjacent to the university's main Drake Circus campus. North Hill running between Mutley and the city centre carries a mix of terraced and converted-flat stock with strong student demand.

The bridging work in this segment is dominated by HMO conversion and BRR. Larger four and five-bed terraces converted to licensed five and six-bed shared houses sit on 12 to 15-month bridges at 0.95% to 1.25% per month, with works budgets of £40,000 to £85,000 on purchase prices around £240,000 to £320,000. The Article 4 direction across parts of PL4 requires full planning permission for changes from family dwelling to HMO use, so we build the planning timetable into the bridge term, typically taking 12 to 15 months rather than 9. The exit lands on a portfolio HMO refinance or a specialist HMO BTL term loan, with the licensed status typically lifting open-market value by 15 to 25% over the unconverted base case.

Underwriting on Mutley HMO cases focuses on three signals: the planning route, the HMO licensing status with Plymouth City Council, and the rental comparables on already-licensed stock nearby. Licensed five-bed HMOs typically support 8% to 10% gross yields based on standard academic-year letting at single-room rents of £450 to £550 per month per room. Octane Capital, Roma Finance and named lenders Bridgebank Capital and Avamore Capital all carry well-developed appetite for Plymouth student HMO conversion work.

Royal William Yard and Millbay regeneration dev-exit

The Royal William Yard regeneration at the south-western tip of Stonehouse is the most prominent waterfront-led regeneration scheme in the South West outside Bristol. The Grade I listed former Royal Navy victualling yard, designed by Sir John Rennie and completed in 1835, has been redeveloped since 2007 by Urban Splash and the wider partnership into a mixed-use destination with apartment, restaurant, gallery and creative-workspace tenure. The apartment phases have come forward in tranches since 2010, with the listed-building conversions carrying the city's strongest waterfront premium tier and the new-build phases adding further volume.

The Millbay regeneration immediately east of Royal William Yard, anchored by Brittany Ferries at the cross-channel ferry terminal, has generated its own residential pipeline through the King Point Marina apartment phases and the smaller infill schemes around Bath Street and Millbay Road. Together, the Royal William Yard and Millbay sites form the city's deepest single source of waterfront dev-exit bridging work. New-build and converted apartment blocks reaching practical completion are refinanced off development facility onto a cheaper 6 to 12-month bridge while units market, with the bridge cleared as flats sell or as the block refinances to a residential investment term loan. Loan sizes £1 million to £4 million, rate 0.85% to 1.05% per month, LTV 65% against gross development value.

Lender appetite for Royal William Yard and Millbay stock is broad, with the listed- building status of the Grade I conversions narrowing the panel only slightly. The heritage premium and the steady waterfront resale demand from naval-officer and professional buyer pools underwrite the dev-exit refinance cycle. Octopus Real Estate and LendInvest sit at the larger end of the panel for these cases, with Octane Capital and the named lender Glenhawk also writing into the segment.

Barbican and Plymouth Hoe waterfront commercial and holiday-let

The Barbican is Plymouth's historic harbour-side quarter, with the Mayflower Steps, the Plymouth Gin Distillery established in 1793, the working fishing fleet at the Plymouth Fish Market and the listed cottage stock along Southside Street, New Street and Looe Street. Plymouth Hoe at the western end of the Barbican carries the city's premier seafront residential frontage, with Smeaton's Tower, the Royal Citadel and the Hoe Promenade anchoring the area's tourism economy. Together, the Barbican and the Hoe form the city's deepest single source of waterfront holiday-let, short-let and small commercial bridging work.

The bridging mix in this segment splits across four patterns. First, holiday-let acquisition on Barbican listed cottages and Hoe seafront flats, with investors taking 6 to 9-month bridges at 0.85% to 0.95% per month, underwriting focused on long-let comparable rent and LTV typically 65%. Second, sympathetic refurbishment of period stock with listed-building consent timelines built into 12 to 18-month bridge terms. Third, small commercial bridging on the Barbican harbour-front retail and hospitality freeholds, with refurbishment of restaurant and bar premises and acquisition of freehold by sitting tenants both regular case types. Fourth, chain-break for owner-occupiers trading between Barbican cottages and Hoe seafront flats, with regulated cases passed to our regulated partner firm.

The Plymouth Gin Distillery on Southside Street anchors the Barbican's industrial- heritage character and continues to operate from the former Black Friars monastery. Underwriting on Barbican commercial cases needs a chartered surveyor familiar with listed-building stock and the conservation-area constraints of the harbour-side quarter. Lender appetite is more selective than the inner-city BTL book, but the holiday-let yields and the steady year-round visitor demand underwrite the bridge-to- BTL refinance maths cleanly at 65 to 70% LTV.

Plymouth Bridging Lenders

Our headline panel is eight lenders, chosen because together they cover the full range of bridging activity in Plymouth without duplication. MT Finance is the workhorse on standard unregulated bridging up to roughly £3 million, with quick decisions and a clean credit policy. They suit straightforward investment-property purchases and standard refurbishment exits, and they price well across the Devonport, Mutley and Ernesettle BTL refurbishment book.

Octane Capital takes the heavier lift, including heavy refurbishment, mixed-use, light development and more complex security profiles. They are often the right call on a PL4 Mutley HMO conversion case where the works are substantial, or on a Stonehouse Georgian villa conversion bridge requiring sympathetic restoration and listed-building consent handling.

Octopus Real Estate writes the larger end of the book, including development exit on schemes from £2 million up, mixed-use, and more substantial commercial bridges where institutional capital and bigger ticket sizes are required. Royal William Yard and Saltram Meadow dev-exit cases land cleanly with Octopus or with LendInvest, who moves quickly on larger residential investment cases and on development exit with technology-driven processes that suit time-sensitive applications.

The remaining four panel lenders cover the regulated and specialist segments. United Trust Bank sits at the regulated end of the panel, pricing tightly on owner-occupier chain-break work where the security and exit are clean. Hope Capital is competitive on mid-band investment bridging and light-to-medium refurbishment, with a useful appetite for less standard properties. Together spans regulated and unregulated, with particular strength on complex circumstances such as adverse credit or unusual borrower profiles. Roma Finance is strong on refurbishment-to-BTL and the buy-refurbish-refinance pattern that dominates the Plymouth investor book, particularly across the PL2 and PL4 terrace stock.

Beyond the eight, we work regularly with Shawbrook, Precise Mortgages, Allica Bank, Bridgebank Capital, Avamore Capital, Glenhawk, Aldermore and Kuflink. Each has a niche worth knowing. Shawbrook and Allica Bank price well on cleaner commercial and semi-commercial bridges, suiting the mixed-use freeholds along Mannamead Road and the Cornwall Street city-centre stock. Bridgebank Capital, Avamore Capital and Glenhawk all have well-developed appetite for refurbishment and small development work that suits the Plymouth investor profile. Kuflink and Precise Mortgages round out the panel with quick smaller-ticket work and the option of a portfolio approach on multi-property cases. ASK Partners and OakNorth come in on the largest tickets where a commercial relationship and larger lend make sense. The point of carrying that breadth is not to chase the cheapest headline rate on every case. It is to have a credible answer for every case, because the right lender on a Plymouth deal is almost never the lender who answered the previous one.

5 Recent Plymouth Deals

1. Devonport auction terrace, 14-day completion

A PL2 two-up two-down terrace bought at Plymouth Auction Rooms for £175,000 with vacant possession and a basic auction pack. Bridge of £130,000 at 70% of purchase price plus a small cosmetic refurbishment budget of £22,000 against post-works valuation of £215,000. Twelve-month term, exit through buy-to-let refinance once the property was let to a Babcock contractor on a 12-month assured shorthold tenancy. Indicative terms inside 24 hours of the hammer falling, valuation booked within 48 hours, title insurance applied to bridge a thin search pack, drawdown on day 12. Rate at 0.85% per month with MT Finance. The cleanest version of the auction pattern that runs through the Plymouth book month after month.

2. Mutley HMO conversion, heavy refurbishment

A PL4 four-bedroom Victorian terrace on Furzehill Road acquired for £245,000, converted to a licensed five-bed HMO with new layouts, full rewire, replumb and a roof overhaul. Total loan facility of £305,000 covering purchase and works of £55,000, drawn against gross development value of £335,000 on the completed scheme. Fifteen-month term to allow for planning sign-off under the Article 4 direction, the works programme and a specialist HMO BTL portfolio refinance on the completed unit. Pricing at 1.05% per month with Octane Capital, reflecting the heavier refurbishment profile and the planning timetable.

3. Mannamead chain break for an onward move

A PL3 owner-occupier accepted an offer on their Edwardian villa at £485,000, with a delayed completion the buyer's chain could not bring forward. Their onward purchase, a larger family home in Plymstock at £625,000, required completion in six weeks. Regulated bridge of £435,000 arranged at 70% loan-to-value against the onward property, six-month term, exit through completion of the existing sale. Rate at 0.65% per month at the cleaner end of the regulated band, with United Trust Bank. Introduced through our regulated partner firm for the regulated activity, packaged and completed in 18 days from instruction.

4. Royal William Yard development exit

A 12-unit waterfront residential scheme reaching practical completion at the Royal William Yard, originally funded on development finance, with five units already reserved and seven to market. Refinance bridge of £2.4 million at 65% of gross development value of £3.7 million, nine-month term to allow for unit sales to complete. Step-down in pricing from the development facility of roughly 0.4% per month, providing the borrower with carry savings that more than cover the arrangement fee. Pricing at 0.95% per month with Octopus Real Estate. The standard development-exit pattern for the Royal William Yard apartment programme.

5. Capital raise on unencumbered Hoe seafront flat

An investor with an unencumbered PL1 seafront flat valued at £385,000 taking a £220,000 bridge at roughly 57% loan-to-value to fund the deposit and refurbishment costs on a separate PL4 BRR acquisition. Twelve-month term, exit through the BTL refinance of the PL4 property once works were complete and a tenant was in place, with surplus equity in the Hoe flat available as a backstop. Rate at 0.95% per month given the unencumbered first-charge security and the clean exit profile. A pattern that lets a busy Plymouth landlord move at the speed of the deal market rather than at the speed of a term refinance.

Plymouth Bridging Outlook 2026-2027

The forward view for Plymouth bridging is steady rather than dramatic. We expect the regulated end of the market to soften modestly through the back end of 2026 as buy-to-let term-rate pricing settles, which should pull regulated bridging pricing down with it. Unregulated standard bridging is likely to hold close to current levels, with competition between specialist lenders keeping pricing honest in the middle of the book. Heavy refurbishment and development-exit pricing will move with the appetite of the larger specialist lenders, and we expect that to remain firm given the supply of completed development stock coming through the local pipeline from Royal William Yard, Plymstock Quarry and Saltram Meadow. The deal flow itself should hold or grow, particularly on the refurbishment-to-BTL and development-exit segments, given the structural supply of Victorian and Edwardian stock across Devonport, Mutley and Peverell and the wave of dev-exit work continuing into 2027.

The split between regulated and unregulated work on our Plymouth book runs roughly 20% regulated, 80% unregulated. The regulated portion sits mostly in chain-break cases for owner-occupiers across PL3, PL7 and PL9, with a smaller share of downsizer cases where a homeowner is buying onward before completing the sale of a larger family home. The unregulated portion covers the investor and developer book in full. We are not directly authorised by the Financial Conduct Authority; we work with FCA-authorised partners for regulated lending. Regulated bridging on owner-occupied residential property is regulated by the Financial Conduct Authority, and we introduce regulated cases to authorised partners who carry out the regulated activity and provide any required advice. We do not give advice on regulated mortgages, regulated bridging or investment products.

On timelines, the standard expectations apply. Indicative terms inside 24 hours of a complete enquiry. Full underwriting in three to five working days once the lender has the pack. Valuation in five to ten working days depending on the valuer's diary and the access situation at the property. Legal completion in five to ten working days after valuation, with auction cases pushed harder using title insurance where the seller's pack supports it. Total elapsed time from first call to drawdown sits between 10 and 21 days on most cases. Auction cases run faster, with 7 to 14 days achievable where the pack is clean.

On fees, we are transparent. Lender arrangement fees typically run at 1.5% to 2.0% of the loan, added to the facility on most products. Valuation is payable on a case-by-case basis, with a typical residential valuation for a single Plymouth terrace at around £500 to £900. Legal costs sit at both borrower and lender side, typically £1,500 to £4,000 per side on standard cases. Exit fees are zero on most products. Broker fees, where charged, are disclosed in writing before any work starts.

How we work is simple. A short triage call to understand the deal, the security, the timeline and the proposed exit. A written summary of indicative terms inside 24 hours, identifying the two or three lenders best placed to fund the case. A packaged submission with a valuation booking and legal instruction ready to go on lender selection. Then steady, weekly progress until drawdown. We do not run drip-email funnels, we do not chase clients through aggressive call cycles, and we do not promise rates we cannot deliver. The Plymouth bridging market rewards specific work done at speed. That is what we set the desk up to do.