Case No 6
The construction program was on time and the senior bank was providing progress payments as scheduled. At the same time another apartment site that the developer was familiar with was placed on the market for sale. In order to purchase the new site, the developer needed an early release of his committed equity capital from his already underway project.
After a prompt review of the underway project, Dorado proposed a mezzanine debt facility solution. The quantum of this facility matched the amount the developer was seeking to purchase the new apartment development site. Dorado worked with the senior bank to support the developer’s strategy. The developer then purchased the new apartment development site, maximising returns across the two projects.