The total costs of the project were projected at £1.9 million with an estimated Gross Development Value of £2.3 million. He had been offered bank funding of £1.2 million and was investing £270,000 of his own money. The mezzanine requirement was £407,000 which we provided.
The developer retained 74% of the profit and realised a return of 131% on his own cash investment compared with 52% had he funded the entire equity himself.
