Case No 5
The project’s appointed builder had recently gone into administration and the developer was focusing upon securing a replacement. The developer required a mezzanine facility to continue the construction of the townhouse. Despite the additional risk associated with the need to engage a new head contractor, Dorado were confident that this could be achieved without any material increase in construction costs given that on-site works had yet to commence.
After successfully completing our detailed due diligence process, Dorado agreed to provide a mezzanine funding solution, whereby funds were drawn contemporaneously with the financial close of the senior debt facility and the execution of a fixed-price contract with the new builder.