A note from Jason Arnold, Head of Origination
What a year it’s been.
In FY24/25, we hit our stride in a big way and in some ways, it feels like we’re only getting started.
We almost doubled our origination team to 24 people, bringing more depth, experience and energy to the frontlines. I’ve been deliberate in building a team of seasoned professionals who not only understand commercial real estate lending inside out but genuinely care about getting the right outcomes for brokers and borrowers alike. That experience is what sets us apart.
We’ve been out on the road too, attending events across the country, meeting with brokers, strengthening relationships, and forming new ones. We’re also looking at new ways to grow our broker network in F/Y25, including exploring aggregator relationships and other avenues to scale our reach while staying personal in our approach.
We expanded our footprint as well, opening a bigger head office in Auckland and marking the occasion with a proper launch. That move reflects our growing presence in New Zealand, which now includes Christchurch, where we’re deepening relationships and actively contributing to the local market. We also launched operations in Adelaide, making our offering more accessible across South Australia.
We hit a significant milestone this year: $2.95 billion in originations across 316 transactions. Since inception, we’ve now settled 1,077 transactions worth $8.3bn. A huge achievement and a real testament to the trust our broker network continues to place in us.
To stay ahead of the curve, we sharpened our commercial lending edge, cutting rates by 0.5%–0.7% across the portfolio. That shift has made us one of the most competitive non-bank lenders in the market.
We also launched a new construction loan product designed to give borrowers and brokers more flexibility than ever before. That, coupled with the strength of our funding lines, now supported by Goldman Sachs, alongside Ares Management and Westpac NZ, means we’re better positioned than ever to back quality projects.
And while we can’t reveal too much just yet, we’re working on a new digital tool behind the scenes that’ll make it easier and faster to borrow through Pallas. Stay tuned, it’s going to be a game-changer for our broker community.
Looking ahead, we’ve got exciting plans for new offices and new markets. And with the RBA expected to continue lowering the cash rate over the next 12 months, we think the timing couldn’t be better. For developers thinking about dusting off the next project, let’s talk. We’re here to help bring those visions to life.
It’s been a mega year. The next one will be even bigger. I’m proud of what we’ve built, and even more excited about where we’re headed.
Jason Arnold
Head of Origination
Pallas Capital