Pallas Capital launches in the UK with £1.8bn loan book and senior specialist lending team

By

Uliana Kuzmis and Ben Keenan

Pallas Capital, a leading non-bank lender specialising in mid-market real estate finance, has officially launched its UK operation, marking a significant expansion of the firm’s international footprint.

The launch builds on the strength of the wider Pallas Group, which manages a £1.8bn loan book and has completed more than 1,100 loans and investment transactions totalling nearly £2.75bn since 2016.

The Group has established a strong reputation for disciplined credit underwriting, deep real estate expertise and consistent performance across market cycles.

This track record has enabled Pallas to secure more than £1bn of institutional capital, including funding lines with Goldman Sachs, Morgan Stanley, National Australia Bank and Westpac.

Pallas Capital enters the UK market with a comprehensive product range covering residential, mixed-use and commercial bridging, development exit, light and heavy refurbishment, vacant land and development finance.

The proposition is designed to support borrowers across the full property lifecycle, from acquisition and development through to refinancing and transitional assets, with a focus on speed, certainty of execution and tailored structuring.

The UK business is led by a senior team with extensive real estate finance experience:

  • Ben Keenan, Executive Director

  • Uliana Kuzmis, Chief Credit Officer

  • Mark Witherington, Senior Originator

  • Anna Thompson, Originator

  • Jamie Peacham, Underwriter

  • Nicoleta Iorgu, Underwriter

  • Chris Adams, Underwriter

Further senior appointments will be announced in the coming weeks.

Ben Keenan, who brings 24 years of legal and commercial experience across real estate and structured finance, has relocated from Pallas Capital’s Australian headquarters to lead the UK launch.

He previously spent 18 years living and working in London, including serving as General Counsel and an executive board member of a global tier-one contractor.

Commenting on the launch, Ben Keenan said:

“The UK mid-market is crowded, but too many developers and brokers still face slow processes, shifting credit appetite and inconsistent service. Pallas is built to address that gap.

We are a well-funded, execution-driven lender with a strong focus on customer experience and a commitment to being best in class wherever we operate.

Our platform has delivered this consistently in Australia and New Zealand, and we see a significant opportunity to bring the same standard to the UK.”

Chief Credit Officer Uliana Kuzmis brings more than 20 years of experience in underwriting, credit risk and leadership.

Formerly Deputy Managing Director at Hampshire Trust Bank, she led a division-wide transformation that doubled credit approvals and helped secure multiple industry awards, including Best Development Finance Provider in 2023 and 2024.

Uliana said:

“There is a clear need for platforms that balance rigorous credit assessment with commercial agility. Pallas Capital’s track record demonstrates exactly that.

I’m looking forward to shaping a credit framework that supports responsible lending while enabling developers and investors to progress high-quality projects with confidence.”

Pallas Capital launches in the UK with substantial funding already in place, including a forward-flow agreement with a major US credit fund, a securitised warehouse facility with a Wall Street investment bank nearing completion, and significant Australian high-net-worth capital available for deployment.

Supported by the wider Pallas Group, the UK platform benefits from institutional-grade infrastructure, robust risk management and a long-term approach to capital deployment, reinforcing its commitment to building enduring lending partnerships and delivering attractive risk-adjusted returns for investors.

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