$\bf{\text{Definition:}}$ Let $X$ be a Banach space. $X$ is an $\mathcal{L}_{1,\lambda}$-space if, for all finite-dimensional subspaces $M$ of $X$, there exists a finite dimensional subspace $N$ of $X$ containing $M$, and an isomorphism $T\in B(N,\ell_{1}^{k})$ (where $k=\text{dim}(N))$ such that $\|T\|\cdot\|T^{-1}\|\leq \lambda$.
$\bf{\text{Exercise:}}$
Show that the following are equivalent for a Banach space $X$.
This appears as a remark in Raymond Ryan's "Introduction to Tensor Products of Banach Spaces".
(1) For all $\epsilon > 0$, $X$ is an $\mathcal{L}_{1,1+\epsilon}$ space.
(2) For all $\epsilon > 0$, and for all finite-dimensional subspaces $M\subset X$, there exists a finite-dimensional subspace $N\subset X$ containing $M$ and an isomorphism $T\in B(N,\ell_{1}^{k})$ (where $k=\text{dim}(N)$) such that for all $x\in N$, $\left|\|Tx\| - \|x\|\right| \leq \epsilon\|x\|$.
After unwinding all the quantifiers, the $(2)\Rightarrow (1)$ direction was straightforward.
$\bf{\text{Sketch:}}$
Let $\epsilon > 0$ be given, and $M$ be a finite-dimensional subspace of $X$. Then choose $\delta > 0$ so that $\frac{2\delta}{1 + \delta} < \epsilon$. By assumption, there exists $N\subset X$ containing $M$ and an isomorphism $T\in B(N,\ell_{1}^{k})$ such that for all $x\in N$, $\left|\|Tx\| - \|x\|\right| \leq \epsilon\|x\|$.
Using the triangle inequality and the given condition on $T$, it follows that $\|T\|\leq 1 + \delta$ and $\|T^{-1}\|\leq \frac{1}{1-\delta}$. Therefore $\|T\|\cdot \|T^{-1}\|\leq 1 + \epsilon$, by the way $\delta$ was chosen.
$\bf{\text{My Problem:}}$
But the $(1)\Rightarrow (2)$ direction has me totally stumped. When I try to apply the hypothesis given in $(1)$, I can't seem to get the conclusion of $(2)$. Is there some obvious thing I'm missing? or is there some slippery trick?