Three Ways We Deploy Capital
Senior Debt
First-ranking secured lending for property acquisitions and development projects, with the strongest security position in the capital structure. Designed for investors seeking more defensive exposure to Irish real estate credit.
- First-ranking security
- Lower leverage
- Contractual interest return
- Defined loan term
- Regular monitoring and reporting
Mezzanine Finance
Subordinated debt bridging the funding gap between senior lending and developer equity, where underlying asset value and project economics provide downside protection with an enhanced contractual return.
- Second-ranking security
- Higher contractual returns
- Defined maturity and repayment strategy
- Deployed alongside institutional senior lenders
- Strong alignment with developer equity
Preference Equity
Structured equity capital for projects where traditional debt is not the optimal funding solution, participating further down the capital stack while holding a preferential position ahead of ordinary equity.
- Preferred position ahead of ordinary equity
- Targeted enhanced returns
- Bespoke profit participation structures
- Strong sponsor alignment
- Suits higher-return opportunities
One Platform, Multiple Positions
Return Potential Rises with Position in the Stack
Everlet can invest at different levels within the capital structure depending on the characteristics of the underlying project. This flexibility allows us to structure capital around the transaction rather than forcing opportunities into a predetermined investment product.
Senior Debt
1st ranking security, lowest risk position
8-12% Typical return APR
Mezzanine Finance
Subordinated position behind senior debt
14-18% Typical return APR
Preference Equity
Ahead of ordinary equity, preferred returns
18%+ Typical return APR
Every opportunity is underwritten from the downside up
Rather than focusing solely on projected returns, we assess what protects investor capital if the original business plan does not perform as expected. Our underwriting typically considers:
- Current and projected asset values
- Loan-to-value and loan-to-cost
- Development costs and contingency
- Planning and title
- Sponsor equity
- Senior lender position
- Security structure
- Contracted or anticipated sales
- Refinancing options
- Downside scenarios
- Interest and repayment coverage
