Mezzanine and Junior Debt Monitor: Q3 2026 Review (Provisional)

Provisional. Lenders have 21 days to file a charge at Companies House, and this edition uses the company snapshot of 1 October 2026, so charges created late in Q3 2026 and filed afterwards are not yet counted. Figures for the final weeks of the period will rise when the next snapshot is applied, and a final edition will follow at a new address; this page will not be revised in place.

Where a second charge is registered on a title while an unrelated lender's senior charge remains outstanding, someone is layering debt: mezzanine, second-charge or stretch structures. The Monitor counted 414 such third-party junior charges in Q3 2026: 414 in Q3 2026.

The series has moved a long way since Q2 2023, the first quarter the Monitor tracks, when it counted 89 third-party junior charges; Q3 2026 counted 414 (+365.2%). The last four quarters ran 343 in Q4 2025, 344 in Q1 2026, 399 in Q2 2026, 414 in Q3 2026. Q3 2026 at 414 was above both Q1 2026 (344) and Q2 2026 (399). These figures are provisional: charges created late in Q3 2026 are still being filed, so the latest quarter will rise. These are counts of a floor: only charges registered at Companies House are visible, so positions secured by unregistered instruments, by share charges alone or against individual borrowers are not counted.

Same-group structures are excluded, so a lender registering both a senior and junior charge through its own vehicles does not count. What remains is genuine third-party capital-stack layering, the measurable core of the UK mezzanine market. Companies House records no amounts, so this is an activity count, not a volume estimate.

Built from every mortgage and charge registered at Companies House against a curated set of development-active lenders, with identities resolved through funding-line vehicles and security trustees. Charge data runs to 2026-10-02; satisfaction filings to 2026-10-03. Companies House filings record no loan values (a 2013 reform removed the amount-secured field), so activity is measured in charge registrations and distinct borrower counts, never estimated loan books. No lender is named or ranked. Full methodology, definitions and revision policy: Monitor methodology.

Layered and refinanced structures are where lender appetite differs most: pricing, leverage and the willingness to sit behind another lender all vary widely, which is exactly where whole-of-market advice earns its keep.

Construction Capital arranges development finance, bridging and development exit facilities across the lenders behind these numbers. To discuss a scheme, call +44 20 3816 3693 or start with the deal room.