MB Private lands US$97.1M Westpac line to launch NZ private credit push
What's the deal? MB Private, a Christchurch-headquartered private credit operator, has secured a US$97.1M funding line from WestpacDealroom has a profile for this one. Try Dealroom → NZ to fund residential property loans across New Zealand. The company added an initial US$12.9M of its own "first-loss capital" to the deal.
What's the endgame? Founded in 2022, MB Private wants to grow its lending book to US$420.6M over time, sourcing loans through mortgage advisers. Founder Marcus Morrison said the bank backing builds a "solid base from which to scale and respond to growing demand for alternative lending solutions."
Who's behind it? The firm counts Australasian banking veterans among its directors, including former Westpac NZ chief Peter Clare and ex-BNZDealroom has a profile for this one. Try Dealroom → executives Mike Skilling and Frank Cui. It also raises money from wholesale investors into a series of sub-funds, overseen by Trustees ExecutorsDealroom has a profile for this one. Try Dealroom → and administered by Apex.
Why now? Morrison said the Westpac partnership opens the door to bring "greater digitisation and new technology, like AI," to property lending and funds management — specifically in credit risk identification.
What could go wrong? The launch comes amid a downturn in the New Zealand property market and, in Morrison's words, "a few cracks appearing in the private debt universe." Both factors raise the stakes for a lender building a residential loan book from scratch.
The signal: Morrison argues private credit is now a "mainstream source of capital." A major bank opening a funding line to a new alternative lender signals that trend is taking hold in New Zealand, even as the property cycle turns.
Read more: investmentnews.co.nz
Image credit: D Coetzee
