Pallas Capital, a non-bank lender specialising in mid-market real estate funding, has today (12th January) launched in the UK.
Pallas Group manages a £1.8bn loan book and has completed more than 1,100 loans and other investments worth close to £2.75bn since 2016.
The group has secured over £1bn of institutional capital, including major funding lines with Goldman Sachs, Morgan Stanley, National Australia Bank and Westpac Limited.
The Pallas Capital product range will span residential, mixed-use and commercial bridging, development exit, light and heavy refurbishment, vacant land and development finance.
Executive director Ben Keenan (pictured above, right) — who brings 24 years of legal and commercial experience across real estate and structured finance — returns to London, where he previously spent 18 years living and working.
He has relocated from Pallas Group’s Australian headquarters to lead the establishment of the company’s UK presence.
The lender aims to support borrowers at every stage of the property lifecycle, with an focus on speed, certainty of execution, and tailored structuring.
Commenting on the launch, Ben said: “The UK mid-market may be crowded, but too many developers and brokers still face slow processes, shifting credit appetite and inconsistent service. 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.”
Uliana Kuzmis (pictured above, left) joins Pallas as chief credit officer, bringing over 20 years of expertise in underwriting, credit risk, and transformational leadership.
As former deputy managing director at Hampshire Trust Bank, she spearheaded a division-wide restructuring that doubled credit approvals.
Uliana commented: “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.”
Mark Witherington joins as senior originator, while Anna Thompson joins as an originator.
Jamie Peacham, Nicoleta Iorgu, and Chris Adams have been appointed as underwriters.
Further additions to the team will be announced in the coming weeks.
Pallas Capital said it was launching with “significant funding” already in place, comprised of a forward flow agreement locked in with a major US credit fund; a securitised warehouse with a Wall Street investment bank close to completion; and Australian high-net-worth capital available for deployment.