Non-bank lender to offer bridging and development finance across the British mid-market
Australian non-bank lender Pallas Capital has launched a UK lending business as part of its international expansion, extending its real estate finance operations into the British mid-market.
The move builds on the wider Pallas Group’s existing activities, which include a managed loan book of £1.8 billion and more than 1,100 loans and other investments with an aggregate value approaching £2.75 billion since 2016.
The group has developed a record in credit underwriting and real estate lending across different market conditions, which has supported its ability to raise over £1 billion of institutional capital from counterparties including Goldman Sachs, Morgan Stanley, National Australia Bank and Westpac.
The UK platform will offer a range of products for property professionals, including residential, mixed-use and commercial bridging, development exit facilities, light and heavy refurbishment funding, vacant land loans and development finance.
The UK operation is headed by a team with experience in structured real estate finance and credit. The leadership includes executive director Ben Keenan and chief credit officer Uliana Kuzmis, alongside senior originator Mark Witherington, originator Anna Thompson, and underwriters Jamie Peacham, Nicoleta Iorgu and Chris Adams. Further hires are expected to be confirmed in the coming weeks.
Keenan (pictured top right), who has 24 years’ legal and commercial experience in real estate and structured finance, has returned to London after spending 18 years living and working in the city earlier in his career. During that period he served as general counsel and an executive board member of a global tier-one contractor, giving him detailed exposure to the UK development market. He has relocated from Pallas Capital’s Australian head office to establish and lead the UK business.
“The UK mid-market may be crowded, but too many developers and brokers still face slow processes, shifting credit appetite and inconsistent servicet,” Keenan said. “Pallas is built to change that.
“We’re a well-funded and execution driven lender, with a reputation for focussing on customer experience, and a commitment to being best in class wherever we operate. Our platform has delivered on this commitment in Australia and New Zealand; we see a major opportunity to bring that standard to the UK.”
Kuzmis (pictured top left) brings more than two decades of experience in underwriting, credit risk and change management. In her previous role as deputy managing director at Hampshire Trust Bank, she led a restructuring of the division that doubled credit approvals and saw the business receive industry recognition, including Best Development Finance Provider in 2023 and 2024. At Pallas Capital, she will oversee credit strategy and frameworks, and continues to be active in the market as a speaker and commentator at finance events.
“There is a clear need for platforms that can balance rigorous credit assessment with commercial agility,” Kuzmis said. “Pallas Capital’s track record demonstrates exactly that.
“I’m looking forward to shaping a credit framework that supports responsible lending while enabling developers and investors to progress high-quality projects with confidence.”
The UK business launches with several funding lines already in place, including a forward flow agreement with a major US credit fund, a securitised warehouse with a Wall Street investment bank nearing completion, and capital from Australian high-net-worth investors.
This article is part of our Monthly Spotlight series, which in January focuses on bridging finance. Full coverage can be found here.
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