Bridge the gap between your senior debt and your equity.
Triple Queens provides private mezzanine and gap financing for developers, investors, and sponsors across British Columbia, Alberta, Ontario, and Quebec. Mezzanine financing is a layer of capital that sits behind your senior loan and ahead of your equity in the capital stack — letting you increase total leverage, reduce the cash required to close, and preserve ownership on larger commercial deals. When your first mortgage falls short of the capital you need, mezzanine financing completes the stack.
What Is Mezzanine Financing?
Mezzanine financing — often called “mezz” or gap financing — is subordinate capital that ranks behind senior debt but ahead of common equity. It is typically secured by a second charge against the property and/or a pledge of the borrowing entity’s equity. Because it carries more risk than a first mortgage, mezzanine debt is priced higher than senior financing, but it is almost always cheaper than raising new equity and it lets you keep more of the upside. Sponsors use mezzanine financing to push combined leverage higher, fill the gap between a senior loan and available cash, and fund growth without diluting ownership.
When to Use Mezzanine Financing
- Increasing total leverage on an acquisition or refinance
- Filling a funding gap when senior debt falls short of the capital required to close
- Funding value-add, expansion, or development without diluting ownership
- Recapitalizing a property or buying out a partner
- Completing the capital stack on larger commercial projects
Key Features & Terms
- Facilities from $2 million and up
- Combined senior + mezzanine leverage up to roughly 85–90% of cost or value
- Secured by a second mortgage and/or a pledge of equity
- Interest-only structures with terms aligned to your business plan
- Subordinate to your senior lender and complementary to your equity
- Available for acquisition, refinance, construction, and value-add deals
- Priced to reflect the subordinate position — request a structured quote
Who Mezzanine Financing Is For
- Developers and investors who want to preserve equity and improve returns
- Borrowers whose senior loan leaves a gap to closing
- Sponsors recapitalizing, expanding, or scaling a portfolio
- Experienced operators executing a clear value-add or development plan
How It Works
- Share your capital stack — senior terms, available equity, and the size of the gap
- Structuring — we size the mezzanine piece and coordinate with your senior lender
- Intercreditor & underwriting — we align terms with the senior loan and confirm the plan
- Funding — the mezzanine facility closes alongside your senior financing
Why Triple Queens
- Private-equity DNA — we understand capital stacks, leverage, and risk from the inside
- Creative structuring that complements your senior lender and your equity
- Speed and discretion on complex, time-sensitive transactions
- Relationship-focused — partners who think like sponsors, not just lenders
“The mezzanine piece Triple Queens provided let us close a $20M acquisition without bringing in new equity partners. Their structuring expertise was the difference between doing the deal and walking away.”
Sophie Bergeron — Partner, Axis Real Estate Capital
Montréal, QC
Frequently Asked Questions
What is mezzanine financing in simple terms?
It is a layer of capital that sits between your senior mortgage and your own equity. It lets you borrow more of a deal’s total cost than a first mortgage alone would allow, so you need less cash to close while keeping more ownership.
How is mezzanine debt different from a senior mortgage?
A senior mortgage is first in line to be repaid and is secured by a first charge on the property. Mezzanine debt ranks behind it — repaid after the senior loan but before equity — and is usually secured by a second charge or a pledge of equity, which is why it is priced higher.
How much total leverage can I achieve with mezzanine financing?
Combining a senior loan with a mezzanine piece, total leverage can typically reach around 85–90% of cost or value, depending on the asset, the business plan, and your senior lender’s terms.
How is mezzanine financing secured?
Usually through a second mortgage against the property, a pledge of the ownership interests in the borrowing entity, or a combination of both, alongside an intercreditor agreement with your senior lender.
Is mezzanine financing more expensive than a first mortgage?
Yes. Because it takes a subordinate position and more risk, mezzanine debt is priced above senior financing. For most sponsors, however, it is still less expensive than raising new equity and it preserves ownership and upside.
Can mezzanine be used for construction or value-add deals?
Absolutely. Mezzanine financing is frequently used to complete the capital stack on construction, development, and value-add projects where the senior loan alone does not cover the full cost.
Will you work with my existing senior lender?
Yes. We regularly structure mezzanine facilities behind bank and institutional senior loans and will negotiate the intercreditor terms needed to close cleanly alongside them.
Get Started
Have a deal where the senior loan leaves a gap? Share your capital stack, request a structured quote, or speak with a lending advisor about mezzanine and gap financing today. Contact us to apply »