Equity Mates Investing Podcast The How’s and Why’s of Private Credit with Henry Holm
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Apr 30, 2026 Henry Holm, General Manager Origination at Balmain with deep private credit and construction finance experience. He explains why private credit exists and how non-bank lending fills gaps left by banks. The conversation covers changes since the GFC, a Sydney construction deal case study, underwriting and risk frameworks, red flags to watch, and how to assess managers.
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Why Private Credit Exists
- Private credit exists because borrowers need flexible, bespoke capital and investors will pay a premium for that flexibility.
- Managers like Henry Holm structure bespoke loan terms to protect investor capital while enabling nimbler funding than banks can provide.
Regulation Created Private Credit's Opportunity
- Basel III after the GFC raised bank capital costs, pushing banks away from mid-market CRE lending and creating structural room for private credit.
- US private credit now fills ~50% of lending; Australia is under 10% so the sector likely has room to grow.
Flexible Funding For A Density Upgrade Project
- Balmain funded a 40‑unit Northern Sydney apartment project that was 90% pre‑sold while the developer sought increased density from authorities.
- Balmain provided flexible funding that allowed construction to start despite uncertain final approvals, with downside protection from presales.
