In one sentence
A senior loan sized above typical leverage, reaching into what mezzanine debt would normally cover, at a blended rate.
The longer version
A stretch senior pushes senior leverage higher than a conventional first mortgage, absorbing some of the gap a mezzanine piece would fill. It gives the borrower higher proceeds from one lender without a separate mezzanine relationship.
The higher leverage carries higher pricing and closer underwriting, and it is a staple of debt-fund and private-credit lending on transitional assets.
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