The Capital Stack, Layer by Layer: How a UK Development Deal Gets Funded in 2026
Follow the money up a real development stack in 2026: senior debt at 60 to 65 percent of cost, mezzanine to around 90 percent, stretch senior at 85 to 90 percent in one facility, then JV equity with an 8 to 12 percent priority return and a profit split. Who holds what security, and who gets paid first.
