Flexible capital structures for complex or higher-leverage projects.
Where senior debt alone does not reach the required leverage, the gap can be filled with mezzanine finance, equity or a joint-venture partner. Each has a different cost, a different level of control and a different place in the capital stack.
We help structure the whole stack, not just the senior loan, so the overall cost of capital and the developer's retained profit make sense.
- Position
- Behind senior debt
- Basis
- Total loan to cost and loan to GDV
- Return
- Coupon, profit share or both
- Documentation
- Intercreditor agreement typically required
Typical parameters. Every facility depends on the lender, the security and the transaction.
When equity / jv / mezzanine is the right tool.
- Developments where senior debt reaches its loan-to-cost limit
- Developers with strong pipelines but limited cash equity
- Larger schemes requiring a funding partner
- Reducing equity tied up across multiple simultaneous projects
- 01
Higher leverage
Combine senior and mezzanine debt to reduce the equity a scheme requires.
- 02
Capital efficiency
Deploy your own capital across more projects rather than tying it up in one.
- 03
Aligned partners
JV and equity partners share risk and reward, often with development expertise of their own.
- 04
Whole-stack view
We model the blended cost of capital, not just the senior rate.
From first conversation to funds released.
- 01
Capital stack review
We map the senior debt available and the gap to the total funding requirement.
- 02
Structuring options
Mezzanine, preferred equity or a JV are compared on cost, control and profit share.
- 03
Intercreditor and terms
Senior and junior funders agree priorities; terms are documented.
- 04
Execution
Facilities complete together and the scheme is funded through to exit.
Frequently asked.
Mezzanine is debt: it ranks behind the senior lender, carries a higher rate and is repaid at exit. Equity is an ownership interest that shares in the profit and the risk. Some structures blend the two.
Yes. Senior lenders will want to approve any junior funding and will normally require an intercreditor or deed of priority setting out who is repaid first.
Tell us about your deal.
Start with the basics. We'll come back with an initial view and the questions that actually matter.