Pillar · Mezzanine Debt
Mezzanine debt, not equity.
Subordinated secured lending that sits behind a senior lender — the layer of capital that lets a deal stack up without giving away equity.
The product
Where mezzanine sits in the stack.
Mezzanine debt is the layer of capital that sits behind a senior lender — second-mortgage or subordinated secured debt that fills the gap between senior funding and the borrower’s equity contribution.
Esteb Capital writes mezzanine debt only: secured, registered against real property, with an intercreditor deed to the senior lender. Returns sit between senior debt and equity. Recovery sits behind the senior in the capital stack, ahead of equity contributors. Pricing reflects that position.
The product is most often used by developers and commercial-property owners stretching senior LVR — taking a bank’s 65% first mortgage up to a combined 75–80% with a registered second-mortgage facility behind it. Term, drawdown structure and intercreditor terms are negotiated case-by-case with the senior.
Business and commercial purposes only. NCCP exemption applies.
Dedicated mezzanine-debt cluster guides are still being written. Browse all insights →
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