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Specialist non-bank lender Pallas Capital has announced two senior appointments to its credit and specialist risk teams.
Alexis Holloway has been promoted to executive director for credit, while Royston Toh has joined as head of construction risk.
Pallas said the leadership changes underscore the firm’s commitment to meeting the growing demand for mid‑market commercial real estate (CRE) debt.
The appointments come as the firm sharpens its focus on construction lending, its largest loan category – accounting for about 35 per cent of its $3.4 billion loan book.
Pallas said that Holloway’s promotion reflects his role in scaling the firm’s credit function and driving portfolio growth.
Since joining five years ago, he has expanded the credit team from six to over 40 professionals, during which time the active portfolio has grown from $400 million to $3.4 billion, the company noted.
Holloway is also chair of the company’s group investment committee.
“I’m proud to have contributed to our significant growth in recent years,” Holloway said.
“This promotion is about maintaining the discipline and consistency that define the Pallas Capital DNA. Bringing in a market leader like Royston to head our construction risk function is a natural extension of our strategy to deepen capabilities and seize opportunities ahead.”
Toh brings over a decade of experience in construction risk, most recently at CRE lender MaxCap. Pallas said his appointment will be crucial as the firm expands its construction lending.
“Pallas Capital already has a strong construction risk team, and I am pleased to build on that foundation,” Toh said.
“My focus will be on enhancing our systems and supporting the team to deliver outcomes for our clients and investors.”
Pallas said the appointments align with its strategy to deliver institutional‑grade capabilities in mid‑market lending, specialising in loans between $5 million and $50 million.
The non-bank lender’s expansion of its team follows a period of strategic growth. A major development was the launch of a $185 million construction warehouse facility in February, which is the company’s sixth institutional warehouse and the first dedicated specifically to funding construction loans.
The move was a direct response to the increasing demand for construction finance in a market where traditional bank lending has seemingly become more restrictive, according to the lender.
Construction lending already accounts for more than 40 per cent of the company’s total loan book, and the lender recorded a strong 2025 financial year, settling a record $807 million in new loans over the December quarter and $602 million in the March quarter, before ramping up later in the year.
The demand drivers in the quarter were investment loans on stabilised assets, pre-development loans for new sites, and an uptick in residual stock loans as developers grew more optimistic about future sales.
[Related: Pallas Capital stays steady in flat property market]
