Non-bank lender secures funding line from Westpac
Pallas Capital has successfully refinanced its flagship New Zealand lending facility, Pallas NZ Funding Trust No. 1 (PFT NZ), the first structured facility of its kind from a main New Zealand bank.
Westpac NZ have provided new funding lines to support the $360 million facility, underscoring the continued success of Pallas Capital’s fast growing lending platform.
Since its launch in December 2022, PFT NZ has funded 60 commercial real estate loans with a total value of $300 million.
PFT NZ lends money to borrowers across a range of commercial loan products including pre-development loans, residual stock loans and investment property loans. Most of its loans are between $2 and $15 million, although it is able to fund larger loans where its credit criteria are met.
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