Payton Capital, now HMC Private Credit: mid-market property development lending

Search for Payton Capital today and you’ll land on a different name: HMC Private Credit. Payton spent more than a decade building a reputation as a mid-market property development lender, and in 2024 the ASX-listed HMC Capital bought it as the foundation of a larger private credit business. From 1 July 2025, the lending business has operated under the HMC Private Credit name.

So this profile does two jobs. It explains what changed (and what didn’t) with the name, and it sets out what the lender funds as at October 2026. Its own website blocks automated access, so the lending detail below is based on its published pages as they appear in search results and on HMC Capital’s announcements, checked against independent industry coverage of the acquisition. Where only one source said something, we’ve left it out.

What actually changed when Payton became HMC Private Credit?

• The owner. HMC Capital (ASX: HMC), an alternative asset manager best known for its real estate funds, announced the acquisition in May 2024.
• The name. Payton Capital became HMC Private Credit on Tuesday 1 July 2025, to line the business up with the rest of the HMC group.
• The scale of the parent. As part of a listed group, the lender now sits alongside HMC’s other strategies and has access to the parent’s broader capability.

What stayed the same, according to HMC, is the team’s focus on Australian commercial real estate private debt and its commitments to borrowers. HMC says the business has more than 13 years of experience and has funded over $5.5bn of projects, and it lists offices in Victoria, New South Wales, Queensland and Western Australia.

What does HMC Private Credit lend for?

According to its website, backed up by independent coverage of the acquisition, it specialises in real estate debt for property developers in the middle of the market. The types of finance described are:

Type of finance	What it typically pays for
Development and construction loans	Building costs, drawn against progress as the project rises
Land and site funding	Buying a development site and holding it while approvals progress
Bridging and working capital	Short-term funding for projects between milestones or before a refinance
Mezzanine finance	A second layer of debt that reduces the equity the developer must put in
Preferred equity and joint-venture finance	Equity-style funding that sits behind the debt

“Mid-market” matters here. It means projects too large or complex for a small private lender but not always attractive to the biggest institutional funds or to the banks. Think townhouse and apartment projects, land subdivisions and similar developments rather than city towers. Our guide to construction and development finance explains how these facilities are structured.

Three practical insights for borrowers

The capital stack can come from one place. Because it offers senior debt, mezzanine finance and preferred equity, a developer may be able to fund most of a project through a single lender. That can simplify negotiations, but compare the total cost of each layer carefully.

Check documents during a name change. If you hold a loan that began under Payton’s name, be alert to correspondence in the new name. Confirm any change of bank details for repayments by phone with someone you already know before paying.

Development experience counts. Mid-market development lenders generally weigh the developer’s track record, the builder’s strength and the feasibility heavily. A first project may need a lower gearing level, a stronger builder or an experienced partner.

Weighing up a development lender but not sure where your project sits? Give us the outline and we’ll give you a frank view of where it belongs.

Who is it a good fit for?

• Developers with a track record in residential or mixed-use projects who need construction finance.
• Sponsors needing more than senior debt, where a mezzanine or preferred equity layer would close the funding gap.
• Projects at site or pre-development stage that need land funding or a bridge while approvals are finalised.

Who should look elsewhere?

• Business owners wanting working capital for an operating business, rather than for a property project.
• Smaller loans: a single duplex, a minor subdivision or a short-term bridge against a family home is likely to sit below its focus.
• Anyone needing a decision within days for an urgent bill.

Questions to ask the lending team

1. Is my project inside your typical loan size and location?
2. How many pre-sales would you want in place before the first construction draw?
3. How do you certify and pay a progress draw, and how long does it take?
4. Over the expected life of the facility, what is the total cost in dollars once fees are added?
5. If I need mezzanine as well as senior debt, can both come from you, and how do they rank?

If it isn’t the right lender

• Similar mid-market lenders: compare Pallas Capital, MaxCap Group and Trilogy Funds, which publish their own development criteria.
• Still at site stage? See land loans for business and our guide to funding property development.
• Need short-term cash against property you already own? A bridging loan or a caveat loan can be far quicker for smaller amounts.
• The bank has offered development finance? If it fits your project, take it seriously. Bank construction lending is typically cheaper when you meet the policy.

Developer, builder or business owner with a smaller deal? Start with a quick enquiry

HMC Private Credit is aimed squarely at mid-market development projects. If what you need is a few hundred thousand against land, a house or a commercial building, perhaps to fund a deposit, a cost overrun or a cash flow gap in your building business, a smaller private lender is usually a better match.

Getting a view from us is simple. Expect to spend roughly a minute on the form, and no credit enquiry is lodged against you for doing so. Your details aren’t handed out to every lender in the country; they go to our team, and one specialist reads them and phones you. Take care with the answers, with the real numbers for the property and the amount needed, so the first idea we bring you is one that works.

Get a straight answer on your project →