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Capital Structure Pathway

Mezzanine Finance pathways, explored in one place

Explore how mezzanine finance is commonly discussed as one layer in the capital structure of a property project, between senior funding and the sponsor's own equity. Glender is a technology and introduction portal: organise your requirement, explore your options and, where appropriate, request an introduction to an independent third-party professional or provider.

Start Your Glender Assessment Explore Your Options

Typically 2 to 3 minutes. No credit search. Glender is not a lender or broker and does not give advice.

£50k to £100m
Indicative scope discussed
2 to 3 minutes
Assessment typically takes less
No credit search
On the Glender Assessment
Independent
Third-party introductions, where appropriate
Understanding Mezzanine Finance

What is mezzanine finance?

Mezzanine finance usually refers to a layer of funding that ranks behind senior (first-ranking) funding and ahead of the sponsor's own equity in a property project. People often describe the whole arrangement as the capital stack.

Adding layers of funding increases total borrowing and exposure to project risk. A fall in values, a delay, a cost overrun or a refinance that does not happen as planned can reduce or eliminate returns and put secured assets at risk. These are descriptive themes, not a risk assessment or advice.

How the layers rank, and the terms of each, are set by the independent third parties involved and are usually documented in an intercreditor agreement. Glender does not provide mezzanine finance, publish rates or make funding decisions. Pathways on Glender are typically discussed from roughly £50k to £100m as indicative scope, not an offer.

Read our guide: Capital Structure Basics: Refinance, Further Advance, Second Charge

  • ✓ Senior funding: the first-ranking layer
  • ✓ Mezzanine: a layer ranking behind senior funding
  • ✓ Equity: the sponsor's own capital
  • ✓ Intercreditor agreement: how the layers interact
  • ✓ Exit: how each layer is expected to be repaid

The Capital Stack, in Plain English

Senior Funding
The first-ranking layer, usually secured by a first charge.
Mezzanine
A layer that ranks behind senior funding, often with its own security or agreement.
Sponsor Equity
The sponsor's own capital, which ranks behind all funding layers.
Risk Rises With Leverage
More layers of funding mean more total borrowing and more exposure if a project does not go to plan.
Why Glender

How Glender helps

One portal to organise your requirement and explore pathways. Glender does not lend, broker or advise.

One Place to Explore
Read plain-English guides and pathway pages for bridging, development, refurbishment, commercial and more, all in one portal.
Organise Your Requirement
The Glender Assessment captures your goals, timing and property context. It typically takes 2 to 3 minutes.
No Credit Search
Completing the Glender Assessment does not trigger a credit search. Any checks a third party runs later are theirs, on their own terms.
Independent Introductions
Where appropriate, Glender can introduce you to independent third-party professionals or providers.
You Stay in Control
You decide whether to proceed, who to speak to and what information to share. There is no obligation.
Monitor Progress
After you submit the Assessment, you see a thank-you page and then a dashboard where you can monitor progress.
How It Works

How Glender works

A technology portal to organise your requirement. Glender does not lend, approve funding or give advice.

1
Read and Explore
Use our guides to understand how capital stacks, ranking and intercreditor arrangements are commonly described.
2
Start Your Glender Assessment
Answer a short set of questions about your goals, timing and property. Typically 2 to 3 minutes, with no credit search.
3
Monitor Progress
After you submit, you see a thank-you page, then a dashboard where you can monitor progress.
4
Independent Introductions
Where appropriate, request an introduction to an independent third-party professional or provider. You decide whether to engage.
Who It's For

Who explores mezzanine finance?

Glender is built for business and investment property requirements. People exploring this pathway on the portal commonly include the groups below. Whether any third party will consider a case is entirely a matter for that third party.

  • ✓ Property developers and project sponsors
  • ✓ SPVs and development companies
  • ✓ Joint ventures and partnerships
  • ✓ Investors repositioning larger assets
  • ✓ Businesses structuring larger property projects

What people often prepare

  • ● A description of the project and its stages
  • ● Details of any existing or proposed senior funding
  • ● Your own appraisal and working figures (Glender does not validate them)
  • ● Planning status, where relevant
  • ● The project team and any track record
  • ● The intended exit
FAQ

Frequently asked questions

No. Glender does not lend. Where appropriate, Glender can introduce you to independent third-party professionals or providers.
Both rank behind first-ranking funding. Mezzanine is commonly discussed for development and investment projects and is often governed by an intercreditor agreement that sets out priority, security and consent rights. Terms are project-specific and set by the parties involved.
A legal agreement between funders in the same capital stack. It commonly covers who is repaid first, what happens in a default, consent rights and how security is shared. Speak with an independent legal professional about any agreement.
A funder that ranks behind senior funding is usually repaid only after senior funding is cleared, so it carries more exposure if a project underperforms. How that is reflected in any terms is a matter for the funder. Glender does not publish rates or quotes.
No. Glender provides general information only and does not give advice. If you need advice, speak with an appropriately authorised professional.
No. It helps you organise your requirement on the portal. It typically takes 2 to 3 minutes and does not run a credit search.

Ready to organise your project requirement?

Start Your Glender Assessment to capture your project, timing and existing arrangements in one place. Where appropriate, Glender can introduce you to independent third-party professionals or providers.

Start Your Glender Assessment Explore Your Options

Typically 2 to 3 minutes. No credit search. Glender is not a lender or broker and does not give advice.

Glender provides general information about business and investment property funding pathways via a technology portal. Content is not personalised financial advice. Where introductions are made, they are to independent third-party professionals or providers. Glender is not a lender, bank, broker, financial adviser, or FCA-authorised firm. Nothing on this page is an offer of mezzanine finance or a recommendation to use leverage or undertake a project. References to typical funding sizes (roughly £50k to £100m) describe pathway scope discussed on this site, not an offer, quote, rate, approval, or guarantee. Outcomes depend on your circumstances and any third parties you choose to engage with.