One counterparty
No intercreditor agreement, no coordination between two lenders.
Financing · Whole loan
Whole loan
Senior and junior capital from a single source \u2013 one contract, one contact, one drawdown schedule.
A whole loan combines the senior and the subordinated tranche in a single facility from one lender. That removes intercreditor negotiations, keeps documentation lean and shortens the time to drawdown considerably.
The blended cost sits above a pure bank loan but usually below a senior-plus-mezzanine combination once fees and delay costs are accounted for.
We select lenders that can genuinely underwrite the full ticket and negotiate drawdown profile, cost-overrun provisions and exit mechanics for you.
Suitable for
- Developments requiring speed and certainty
- Value-add and repositioning assets
- Portfolio acquisitions with a defined exit
- Borrowers who want one counterparty only
- Projects with complex drawdown schedules
Key facts
- Volume
- from € 10m
- Loan-to-cost
- up to 85%
- Term
- 12 – 48 months
- Pricing
- blended, one rate
- Security
- land charge plus share pledge
- First indication
- 72 hours
Benefits
Why this structure works
Speed
Decision and documentation typically faster than a two-tranche structure.
High leverage
Up to 85% loan-to-cost from a single facility.
Predictable pricing
One blended rate instead of two separate cost layers.
Flexible drawdowns
Tranching aligned with the construction progress.
Exit clarity
Prepayment and refinancing mechanics agreed up front.
Process
How we proceed
- Step 01
Project assessment
Review of cost plan, timeline, exit and required leverage.
- Step 02
Lender shortlist
Selection of debt funds and lenders able to underwrite the full ticket.
- Step 03
Indicative terms
Comparison of pricing, drawdown profile, fees and covenants.
- Step 04
Underwriting
Support through valuation, monitoring surveyor and legal due diligence.
- Step 05
Closing & monitoring
Drawdown, construction monitoring and refinancing preparation.
From practice
What actually decides the deal
One contract saves weeks
Negotiating senior and junior separately means two committees, two diligence rounds and an intercreditor agreement. A whole loan bundles it. On tight acquisition deadlines that, not the price, is the real reason to use it.
Read the blended rate properly
The blended coupon looks high at first glance. Compare it with senior plus mezzanine including every fee and the whole loan often lands level or below.
One counterparty, one line
Variations, drawdowns, delays: one house decides instead of two. Anyone who has mediated between a bank and a mezzanine lender knows what that is worth.
Sort prepayment early
Whole loan lenders price minimum terms. If an early exit is realistic, the prepayment clause belongs in the first term sheet, not in the final round.
Questions
What clients ask us most
Also relevant
Other building blocks
Most structures end up as a combination. These are the pieces we mix most often.
Is this the right structure for your project?
Send us your key figures — we respond with a reliable first assessment.