Pallas Capital: investment, land and construction loans from $1m

Picture a developer who has finished a 20-townhouse project in a growing outer suburb. Twelve have sold, eight haven’t, and the construction loan is due. A bank wants the debt cleared; selling the last eight in a hurry would leave money on the table. That’s the kind of problem Pallas Capital publishes a product for, and it explains a lot about the lender.

Pallas Capital is a Sydney-based private credit manager that has been investing since 2016, with offices in Sydney, Melbourne, Brisbane, Adelaide and Perth, plus New Zealand. It raises money from wholesale investors and lends it against Australian real estate. This profile uses Pallas Capital’s website as at October 2026.

What does Pallas Capital lend for?

Unlike many institutional lenders, Pallas publishes a product grid. As at October 2026 it lists:

Product	Published amount	Maximum LVR	Typical purpose
Investment	$1m to $35m	Up to 75%	Purchase, refinance or equity release on income-producing residential, commercial or industrial property
Residual stock	$1m to $35m	Up to 75%	Refinancing completed but unsold dwellings or lots
Pre-development	$1m to $35m	Up to 75%	Carrying a site through the planning approval process
Construction	$5m to $25m, and $25m to $50m	Up to 70%	Funding the build after purchase or refinance
Vacant land	$1m to $35m	Up to 60%	Land held for future development
Subdivided land lots	$1m to $35m	Up to 67.5%	Refinance or equity release on registered lots

Its recent transactions give a feel for the range: a $1m investment loan in North Bondi, $10m-plus residual stock loans in Kew and Algester, and multi-million pre-development facilities in Brisbane, Melbourne and the Gold Coast, mostly on terms of 9 to 24 months.

How does Pallas assess a deal?

Its website says applications are judged on their individual merits, weighing three things: the borrower or sponsor’s experience, their reputation, and the value of the main asset. In practice that means a lender reading your track record as closely as your valuation.

Two published details deserve attention:

• As-is value. The example deals quote LVR against the property’s current value, not a projected on-completion figure. If your plan relies on value created by a future approval or build, the loan may come in smaller than hoped. Run the figures through our LVR calculator.
• Location preference. Preferred security is in metropolitan or growth areas. A country town site or a regional commercial building is a harder fit.

Pallas also states that its investment products are for wholesale investors only. That rule applies to the people who put money into its funds, not to borrowers, but it tells you the lender works in a professional, documentation-heavy environment.

Who does Pallas Capital suit?

Pallas tends to suit:

• Developers between stages, such as holding a site through approvals or carrying unsold stock after completion. Our page on residual stock loans explains that niche.
• Property investors releasing equity from, or refinancing, a commercial, industrial or residential holding worth several million.
• Experienced sponsors who can show a history of completed projects.

It’s less suited to an operating business borrowing under $1m, a first-time developer, or anyone whose security is outside the main metropolitan and growth markets. For property-backed amounts under $1m, a commercial property loan from a non-bank lender or a private first mortgage is usually the more realistic route.

If you’re unsure whether your project is “Pallas-sized”, sketch it for us and we’ll give you a straight view.

Five questions to put to Pallas Capital

1. On what value is the LVR measured, and who orders the valuation? The as-is basis matters for land and pre-development deals.
2. What are all the fees in dollars? Large facilities can carry establishment, line, legal and exit fees on top of interest.
3. Is interest capitalised, serviced or prepaid? Each changes how much cash the project needs along the way.
4. What happens if approvals or sales take longer than the term? Ask about extension fees and conditions.
5. What experience do you need to see? Have a project history ready.

If Pallas Capital doesn’t fit your deal

• Below its floor: private first mortgage lenders and some non-banks lend from much smaller amounts. See first mortgage business loans and bridging finance.
• Land without approvals: our guide to land loans for business explains how lenders treat raw land.
• A full build: compare options under construction and development finance.

Similar property lenders profiled in this directory include Wingate, Trilogy Funds and MSquared Capital.

Have a property deal on the go? Here’s a quicker first step

A lender like Pallas works best when the deal is already shaped: the property, the purpose, the numbers and the exit. If yours is still taking form, or sits below an institutional lender’s minimum, a short conversation can save weeks of approaching the wrong funders.

Starting with us takes about a minute, and the enquiry leaves your credit score exactly where it was. Your file isn’t distributed across the market; one of our team reads the details and calls you personally. Tell us the property value, the debt and the timeframe as they really are, and our recommendation can land on target from the start.

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