Australian development finance lender Pallas Capital has secured a £200m senior funding package from a European debt fund to boost its UK deployment strategy.
Ben Keenan, executive director at Pallas Capital
The cash will expand the company’s capacity to deploy capital across its UK product range, which includes residential, mixed-use and commercial bridging, light and heavy refurbishments and development exit and ground-up development finance.
Pallas Capital, which officially launched its UK business at the start of the year, specialises in mid-market real estate funding, offering loan sizes from £250,000 to £35m across England, Wales and Scotland. It forms part of the wider Pallas Group, which manages a loan book of around £2.5bn and has completed more than 1,300 transactions worth over £5.9bn since 2016.
Ben Keenan, executive director at Pallas Capital, said: “To secure a funding line of this size so soon is something we’re immensely proud of. It’s a strong endorsement of the platform we’ve built, the calibre of the team behind it and the discipline of our underwriting.
“Institutional partners of this standing do not commit capital lightly, and their confidence gives our brokers and borrowers real certainty that we have the backing and the commitment to support them for the long term.
“This facility significantly increases our firepower in the UK market. It means we can say yes to more transactions, move with even greater speed and certainty and continue building the long-term broker relationships that are central to how we do business.”
