68
Residential Units
Mezzanine financing across the active 68-unit Gort development and a fully permitted 49-unit greenfield site in Ballinasloe.
Financing
Mezzanine
Status
Now Raising
Exit
Galway County Council
Security
Second Charge
Loan Term
15 Months
Investor Return
18%
Structure
Deal Overview
Everlet arranged a bespoke asset-backed financing solution to unlock equity from an active residential development and facilitate the acquisition of a second development opportunity. The facility benefited from second-ranking security across two residential schemes: the active 68-unit Gort development, with units pre-contracted for sale to Galway County Council, and a pre-commencement greenfield site in Ballinasloe with full planning permission for 49 residential units.
Financing Type
Mezzanine
Total Units
117 across two sites (68 Gort, 49 Ballinasloe)
Security Position
Second Charge
Loan Term
15 Months
Investor Return
18% p.a.
Exit
Sale to Galway County Council
Capital Structure
Senior Debt
0-75% LTV
Everlet Mezzanine
76-85% LTV
Developer Equity
86-100%