Pallas Capital, a non-bank bridging and development lender with a £1.8 billion loan book, has launched in the UK as part of a wider international expansion.
The move builds on the scale of the wider Pallas Group, which has completed more than 1,100 loans and other investment transactions worth close to £2.75 billion since 2016.
The group manages £1.8 billion of assets and has established a track record across multiple market cycles.
Pallas Capital has secured more than £1 billion of institutional funding to date, including facilities provided by Goldman Sachs, Morgan Stanley, National Australia Bank and Westpac Limited.
UK LENDING STRATEGY
The lender’s UK proposition spans residential, mixed-use and commercial bridging, alongside development exit finance, light and heavy refurbishment, vacant land and development finance.
The offering is intended to support borrowers across the full property lifecycle, from acquisition and development through to refinancing and transitional assets, with a focus on certainty of execution and bespoke deal structuring.
EXPERIENCED LOCAL TEAM
The UK business is led by executive director Ben Keenan (pictured, right), supported by a senior team that includes Uliana Kuzmis (pictured, left) as chief credit officer and Mark Witherington as senior originator, alongside originators and underwriters with established market experience.
Keenan brings 24 years of legal and commercial experience across real estate and structured finance and has returned to London after relocating from the firm’s Australian headquarters. He previously spent 18 years living and working in the capital, including serving as general counsel and an executive board member of a global tier one contractor.
Commenting on the launch, Keenan 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.”
CREDIT FOCUS
Kuzmis brings more than 20 years of experience in underwriting, credit risk and leadership. Prior to joining Pallas Capital, she served as deputy managing director at Hampshire Trust Bank, where she led a restructuring programme that doubled credit approvals and contributed to the lender being named Best Development Finance Provider in both 2023 and 2024.
She said: “There is a clear need for platforms that can balance rigorous credit assessment with commercial agility. 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.”
FUNDING IN PLACE
Pallas Capital launches in the UK with funding already secured, including a forward flow agreement with a major US credit fund, a securitised warehouse facility nearing completion with a Wall Street investment bank, and Australian high-net-worth capital available for deployment.
Supported by the wider Pallas Group, the UK platform benefits from established infrastructure, institutional risk management and a long-term approach to capital deployment, as the lender looks to build durable partnerships with borrowers and brokers.
