By Mike Wood
Pallas Capital has announced a slew of new hires after massive growth in 2021. The specialist non bank lender has doubled staff numbers since the start of the year as a reaction to their expansion, which has been their total transactions rise to $850 million.
Chief among their new faces is Alexis Holloway, who joined in May after time at Deloitte and Balmain NB Commercial Mortgages, and will become Senior Credit Manager at Pallas.
He explained the rapid growth to Australian Broker. “There’s a couple of factors behind the growth,” he said. “From a macro perspective, the sector is going through a pretty seismic shift in terms of moving away from the traditional banking landscape, with non-banks becoming the new norm.”
“We’ve seen that across the board, from institutional right down to mid-market. I think that’s been the catalyst to the introduction of a lot of non bank players into the market. Broadly, that has shifted and helped companies like ours with a shot in the arm in terms of our loan books and funds under management.”
It is not just the sector, however, but also the way that Pallas has operated.
“Specifically for us, a big factor behind our growth has been our ability to be collaborative and entrepreneurial in the way that we go about servicing borrower clients,” explained Holloway.
“We manage a lot of discretionary capital, which gives flexibility on the borrower side to come up bespoke funding solutions for transactions rather than a one-size fits all approach that has been the methodology of the banking sector, where they have their product guidelines and matrix and you just have to fit in with them. That’s not our approach.”
“That’s a huge factor as to why Pallas has been the funder of choice for a lot of borrowers and developers in the market, and seen us become an attractive proposition in the backdrop of an extremely fragmented market, with many non bank players and where new groups seem to pop up every week. They’re the main factors behind the dramatic growth in the business.”