Development finance across the capital stack.

A well-structured development is funded in layers. Senior debt, typically from a bank or major non-bank, is the cheapest layer and sits at the lowest LVR. Mezzanine debt fills the gap between senior debt and the developer's equity contribution, at a higher rate and often with an exit fee or equity kicker. Preferred equity and pure equity sit at the top of the stack, with the highest risk and the highest return.

Hypercube works across the whole stack rather than with a single lender. We can bring a senior lender and a mezzanine provider to the same deal, negotiate the intercreditor arrangement, and structure the project so the developer keeps as much control and equity as possible.