95%
Max combined LTC
UK mezzanine lender & whole-of-market broker
Specialist mezzanine finance for UK property developers
The middle layer of the capital stack: second-charge development finance that fills the gap between your senior debt and your equity. Combined leverage up to 90 to 95 percent of cost, so your cash keeps working on the next scheme, not sitting in this one.
Your capital stack
Your equity10% of cost
£500k Mezzanine · Max Mezz25% of cost · second charge
£1.25m Senior debt65% of cost · your existing lender
£3.25m Instead of finding £1.75m in equity, you leave in £500k and keep £1.25m working on the next scheme.
Illustrative structure: 65 / 25 / 10. Every stack is sized case by case.
48 hours
To a term sheet
6 to 36
Months, aligned to your build
£250k+
Loan size from
Why mezzanine
Senior lenders stop at 65 percent. Mezzanine funding takes you to 95.
Most senior lenders cap out at 60 to 65 percent of cost. That leaves a developer finding 35 to 40 percent in equity, capital that could be working across two or three schemes instead of one. Our mezzanine finance fills that gap with a simple second-charge structure, taking combined leverage to as much as 90 to 95 percent loan to cost.
Up to 95% combined LTC
Minimise the equity you leave in each deal, with leverage beyond conventional senior lending limits.
Indicative pricing from 12% a year
Priced around the deal, not a rate card. Serviced or rolled-up interest, fixed for the term.
Term sheet in 48 hours
We front-load our underwriting. A complete enquiry gets a credit view and a term sheet, not a queue.
6 to 36 month terms
Durations aligned to your build programme and exit, with no penalty for finishing early on most structures.
Second charge security
Sits behind your senior lender under an intercreditor agreement the market already understands.
No hidden costs
Arrangement fee, rate and exit terms set out in the term sheet before you commit. Nothing appears later.
Who we fund
Built for developers who think in portfolios
We back experienced developers who want their equity working across several schemes at once, not locked into one.
- Residential developments, from 5 units to 100 plus
- Mixed-use schemes with planning in place
- Experienced developers scaling a portfolio
- Auction purchases that need capital deployed quickly
- Planning-led opportunities with strong GDV upside
Indicative terms at a glance
- Loan size£250k to £5m
- Combined leverageUp to 90 to 95% LTC
- Term6 to 36 months
- PricingIndicative from 12% a year
- Arrangement feeTypically 1.5 to 2.5%
- SecuritySecond charge plus PGs
- Track recordNormally 2 to 3 completed schemes
- Profit on cost20% or better
Every loan is priced case by case. Figures indicative.
Sectors
Every sector schemes get built in
The middle layer works wherever development happens. What changes is the underwriting, and we know each sector's version of it.
Locations
Local evidence, England and Wales wide
Every county page carries its own live pipeline and price data from the towns we monitor. Start with the deepest markets:
The market, measured
We lend where the data says build
Our credit view is grounded in the development pipeline itself. We track 56,228 residential units moving through planning across 404 towns in 48 counties, an estimated £17bn of gross development value, refreshed from Land Registry and local planning authority data.
UK development pipeline tracker
County-by-county planning pipeline, approval rates and prices: the dataset behind our underwriting, published in full.
View the dataMezzanine leverage calculator
Size the mezzanine layer on your own scheme: equity saved, blended cost of capital and return on equity, instantly.
Run your numbersFor investors
The same loans, from the other side: secured lending with indicative target returns of 10 to 15 percent a year.
Investor overview The process
Enquiry to drawdown, without the queue
Share the scheme
Location, costs, GDV, senior terms if agreed, and your track record. Ten minutes of your time.
Term sheet in 48 hours
We underwrite up front and give you a credit view with real numbers, not a holding email.
Intercreditor agreed
We work with your senior lender on documents the market already knows. Days, not weeks.
Draw and build
Typical enquiry to drawdown is 4 to 6 weeks. Then we monitor quietly while you build.
Insights
Straight answers on structured finance
Guides · 7 min read
What is mezzanine finance? A UK developer's guide
Everything you need to know about mezzanine finance: how it works, what it costs, and when to use it in your capital stack.
Read the guide → Guides · 5 min readMezzanine vs bridging loans: which do you need?
Two different tools for two different jobs. How to decide which type of finance fits your development strategy.
Read the guide → Strategy · 8 min readHow to structure a 90%+ LTC capital stack
A practical guide to assembling senior debt and mezzanine to achieve maximum leverage on your development.
Read the guide →What is mezzanine finance?
Mezzanine finance is a second-charge development loan that sits between senior debt and equity in the capital stack. A senior lender typically funds 60 to 65 percent of a scheme's cost; a mezzanine loan funds the next 20 to 30 percent, secured behind the senior debt, so the developer's equity contribution falls sharply while the senior facility stays exactly as it was.
Because mezzanine debt is subordinated, it is priced above senior lending, indicatively 12 to 18 percent a year, with interest usually rolled up and repaid at exit rather than serviced monthly. The result is a blended cost of capital close to 10 percent a year at 90 percent leverage, and a much higher return on the equity actually deployed. Our guide to what mezzanine finance is covers the detail, and the mezzanine finance page shows exactly how we structure it.
FAQ
Mezzanine finance, answered
What is mezzanine finance?
Mezzanine finance is a second-charge loan that fills the gap between your senior development loan, typically 60 to 70 percent of cost, and your own equity. It lets you proceed with less cash tied up in any single project while the senior facility stays exactly as it was.
How does mezzanine differ from bridging?
Bridging loans are usually first-charge, standalone and short term. Mezzanine is specifically second-charge and designed to sit alongside an existing senior facility, increasing your overall leverage rather than replacing the senior loan.
What combined leverage can I achieve?
With a senior facility and Max Mezz mezzanine together, developers typically achieve 85 to 95 percent loan to cost, depending on scheme viability, profit on cost and track record. Figures are indicative and set case by case.
Do I need a track record?
We normally look for evidence of at least 2 to 3 completed developments. First-time developers may need to partner with an experienced developer or offer additional security.
How quickly can you fund?
We issue term sheets within 48 hours of receiving a complete enquiry. Full drawdown is typically achieved within 4 to 6 weeks, depending on the legal process and the senior lender's timetable.
Can you work with any senior lender?
Yes. We have worked alongside most of the active UK senior development lenders and negotiate intercreditor terms efficiently, because the document set rarely needs reinventing.
Are you a lender or a broker?
Both, and we tell you which in writing before terms are agreed. Most loans we fund as principal from our own book. Where a case suits another funder's appetite better, on pricing, leverage or sector, we arrange it whole of market instead, so you get the right mezzanine rather than only our mezzanine.
Get started
Share the scheme. Get a term sheet in 48 hours.
Tell us the location, the costs, the GDV and your track record. You will get a considered credit view with real numbers, whichever way it goes.