Financing

Structuring Real Estate Finance.

Financing from senior debt to equity partnerships – tailored, not off the shelf.

from € 10m

Financing volume

20+ years

Experience

€ 2bn+

Completed volume

8,000+

Capital Providers & Investors

Two advisors analysing financial metrics and charts together
AI-generated

Capital structure

How a structure comes together

Senior debt forms the senior-ranking loan, mezzanine an additional tranche between senior debt and sponsor equity, equity the capital carrying the economic risk. The actual split follows from the individual case.

Senior debt
Mezzanine / junior capital
Equity

Illustrative example – not a market standard and not a financing commitment.

  1. 01

    Senior debt

    Senior-ranking debt

    First-ranking security, typically provided by a bank, insurer or debt fund

  2. 02

    Mezzanine / junior capital

    Tranche between senior debt and sponsor equity

    Depending on the structure, closer to debt or closer to equity

  3. 03

    Equity

    Capital carrying the economic risk

    Sponsor, family office or joint venture partner

The specific structure is influenced by

  • Asset class
  • Standing asset or development
  • Market or asset value
  • Project costs
  • Cash flow
  • Letting
  • CapEx
  • Sponsor
  • Security
  • Exit or refinancing scenario

Comparison

How the financing building blocks differ

Differences by ranking, function in the capital stack, typical use case, documentation complexity and key review parameters.

Senior debt

Rank / risk position
Senior, first-ranking security
Function in the capital stack
Base tranche of the debt structure
Typical use case
Standing assets and developments with a robust data set
Documentation complexity
Standardised loan documentation, security package, covenants
Key review parameters
Asset or project costing, cash flow, letting, security, sponsor

Whole loan

Rank / risk position
Single facility, internally tranched
Function in the capital stack
Combines senior and further tranches with one lender
Typical use case
Structures where separate senior/junior documentation is to be avoided
Documentation complexity
One set of documents, with internally agreed tranche logic
Key review parameters
Total leverage, cash-flow cover, exit or refinancing scenario

Mezzanine

Rank / risk position
Subordinated or structurally junior
Function in the capital stack
Tranche between senior debt and sponsor equity
Typical use case
Additional capital need alongside existing or planned senior debt
Documentation complexity
Additional documentation including ranking and intercreditor terms
Key review parameters
Ranking, total leverage, source of repayment, downside scenario

Equity

Rank / risk position
Last ranking, risk bearing
Function in the capital stack
Economic equity of the structure
Typical use case
Capital need that cannot be covered by debt or mezzanine tranches
Documentation complexity
Corporate and participation documentation, governance, exit terms
Key review parameters
Business plan, governance, consent rights, exit mechanics, sponsor

Process

From enquiry to drawdown

  1. Step 01

    First conversation & key data

    We clarify asset, volume, timeline and existing financing – confidentially and with no obligation.

  2. Step 02

    Structure indication

    With complete key data we aim to provide an initial, non-binding structure indication within 48 hours – not a financing commitment.

  3. Step 03

    Document preparation

    Teaser, calculation and cash-flow model are prepared the way credit committees and investment committees expect them.

  4. Step 04

    Capital providers in competition

    Parallel approach to suitable houses from more than 8,000 capital provider and investor contacts – simultaneously, not sequentially.

  5. Step 05

    Term sheets & negotiation

    The time to an indicative or reliable term sheet depends in particular on data quality, financing structure, lender, due diligence and committee processes. Offers are compared along margin, fees, covenants and prepayment.

  6. Step 06

    Due diligence & drawdown

    Support through review, documentation and funding, together with your legal and tax advisers.

„The best financing is rarely the cheapest on paper – it is the one that still holds when things are delayed.“
Sabiene Münch · Managing Director, Fox Capital

FAQ

The questions we hear most

Short answers from day-to-day mandates – including when a neighbouring service is the better route.

What deal size makes structured financing worthwhile?

We take on financing mandates from around EUR 10m. Below that, running a structured lender process rarely justifies the effort involved.

How fast do we get a first assessment?

With complete key data we aim to provide an initial, non-binding structure indication within 48 hours. The time to an indicative or reliable term sheet depends in particular on data quality, financing structure, lender, due diligence and committee processes.

What if no bank comes along?

Alternative debt, mezzanine, whole loan or equity structures can be reviewed. Whether a refinancing, recapitalisation or transaction makes more economic sense depends on the specific asset and capital requirement.

Why does the transactions side matter in financing talks?

Every capital provider reviews the exit or refinancing scenario. Insights from live sale mandates help substantiate the exit assumption.

When is corporate finance the better route?

When the company needs capital rather than a single asset – growth, refinancing existing debt or a shareholder change. Then we structure at company level.

Documents

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We provide these documents on request – send us a short message via the contact form and we will get back to you shortly.

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Financing checklist

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Need financing?

Send us your key figures – with complete data we aim to provide an initial, non-binding structure indication within 48 hours. If a sale turns out to be the more sensible route, we will say so.

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