Why does the project developer fund his project on iFunded and not through a bank?

Project developers prefer to finance their projects through banks due to lower interest rates. Yet due to increasing banking regulations (Basel II and III), banks are calling for developers to have higher capital ratios, which can, depending on the project, be between 10% and 40%. Capital requirements for the project developers is therefore growing significantly and this often results in a funding gap. In the past, family offices or insurance companies closed this gap with mezzanine capital. Thanks to iFunded project developers now have the ability to collect the necessary capital through crowdfunding.