New non-bank launches

by Madison Utley16 Oct 2020

A wealthy Melbourne family with generations of Australian real estate and development experience has announced they are entering the property loan space, with intentions of providing residential, commercial and industrial offerings.

The Buxton family has joined forces with Michael Fowler, co-founder of commercial real estate debt and investment group MaxCap, to get the enterprise off the ground. 

The new group, Corsair Investment Management, is a specialist real estate funds and investment manager for the Australian commercial, residential and industrial property markets.

Stephen Buxton, set to take the helm as Corsair Investment Management director, emphasised the way in which his family’s “deep property heritage” spanning 150 years, paired with experienced finance leadership, will allow the group to provide structured solutions supported by an "agile investment approach".

“In a complex and conservative lending market, our team’s ability to identify and back strong projects is founded on deep sector experience and a track record of generating shared returns for investors,” Buxton said.

“Our aim is to provide unparalleled levels of industry knowledge and guidance to both property investors and developers.

“We’ve established a diverse team of experienced leaders from both the property and finance sectors to support borrowers seeking alternative lending options and investors looking to manage risk in a volatile market.”

The Corsair group plans to use its substantial funds under management and large capital base to provide property loans and equity nationally for projects of all sizes, from “inner-city townhouses to large-scale commercial, residential and industrial schemes”.

Fowler has been named chair of the new group, with former Westpac executives Robert Altson and Chris Moyle also joining the team as chief operating officer and chief investment officer respectively.

According to Fowler, the COVID-19 pandemic has created a “unique opportunity” for developers and investors to capitalise on value in Australia’s lending market.

“Guidelines implemented by APRA over the last few years, including increased liquidity restrictions, have accelerated the recognition of non-banks as viable market lenders. The subsequent outbreak of COVID-19 has placed further constraints on traditional lenders,” he explained.

“Even in this volatile market, CIM partners with likeminded developers and investors to back valuable projects across Australia. We hope to instil a sense of confidence in our borrowers and investors, placing them in a leading position to further build upon their local portfolio.”