Does private capital hold the keys to unlock the US housing market?
At a time when the number of homes for sale is significantly less than the number of buyers, one investment firm is stepping up to fill the funding gap in new construction.
Private investment firm Pretium, established by former Goldman Sachs partner Don Mullen, announced Thursday that it has provided over $1 billion in financing to residential builders over the last six months.
Managing approximately $60 billion in assets, Pretium has joined forces with its real estate affiliate, Anchor Loans, to issue these loans as part of its strategy to strengthen its presence in the US housing market.
According to Zillow, the housing deficit in the United States has reached 4.7 million units. The company’s report cites affordability pressures and skilled labor shortages as reasons for the decline.
Jonathan Pruzan, co-president of Pretium, said in a press release that it was critical that the company steps up to try to overcome the lack of funding for new construction.
“The deployment of private capital is essential to addressing the nation’s housing shortage, especially as banks pull back significantly on lending to regional homebuilders and real estate developers,” Pruzan said. “At a time when communities are in urgent need of housing solutions, Pretium is proud to provide critically needed capital to support them, while focusing on delivering attractive long-term returns for our investors.”
Many experts believe the costs will increase, especially if new tariffs are implemented. Bank of America forecasted a 3% increase in new construction costs by year end.
Aiming to be a top lender
Pretium noted that the $1 billion in funding is projected to support the construction of close to 5,000 new houses through Anchor Loans. By 2027, the company hopes to be one of the leading sources of funding for homebuilders nationwide.
Ray Mathoda, CEO of Anchor Loans, echoed the importance of funding new homes at a time when some lenders are pulling back.
“As the nation’s original business purpose lender, Anchor has longstanding ties with homebuilders and real estate developers across America,” Mathoda said. “Our industry relationships and expertise, together with Pretium’s investment capital and scale, provide a powerful platform to support the businesses and people who are on the front lines of expanding America’s housing supply.”
The move highlights a broader trend of non-bank lenders stepping in where regional banks once dominated. Pruzan spoke with Reuters to discuss why it was critical to back small homebuilders.
Eric Abramovich of Roc Capital, John Beacham of Toorak Capital Partners, and Glenn Tatham of Churchill Real Estate weighed in on Trump’s second term, citing rising tariffs, deportations, and uncertainty as growing headwinds for private lending. https://t.co/JgJ0yINA9J
— Mortgage Professional America Magazine (@MPAMagazineUS) July 10, 2025
"These smaller builders build half the homes every year in the United States and they're critical to addressing this housing shortage that we have,” Pruzan said to Reuters. “And, that's the client that we're looking for, that we're trying to finance. These are experienced, qualified borrowers that have been finding it much more challenging to find financing than they did two to four or five years ago, where they used to get financed by smaller or regional banks."
Mullen launched Pretium in 2012 after leaving Goldman Sachs. The leadership team includes former Morgan Stanley Chief Operating Officer Jonathan Pruzan and ex-Goldman Sachs CFO Stephen Scherr, who currently serve as co-presidents.
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