Just over 12 months ago we released our list of who we considered the top 5 non-bank financiers we dealt with in the 2025 financial year. It is about time we did this again to cover off the last 12 or so months.
Not all non-bank lenders are created equal, some can provide additional leverage, some can service different locations and some suit bridging loans over development lending. The below is an honest appraisal of who we think are the best in market at the moment. With over 150 options on our list we had a few to choose from!
5 – Killarney Capital Ltd
At number 5 this year we have Killarney Capital Limited (Killarney). Killarney are a mid-sized non-bank lender based in Hastings. Established in 2010 they have since funded many projects throughout New Zealand and continue to be a regular at the table on the transactions we are running.
Killarney are a privately funded lender meaning they aren’t constrained by arbitrary lending criteria imposed by a third party and can be flexible when it comes to funding solutions. Killarney can be priced slightly above some other funders in the market, however, often make up for this with flexibility in their terms and the locations they have appetite to provide funding to. They are best suited to development lending as opposed to bridging finance, however, will look at both.
Where Killarney can be a touch more conservative is around loan terms – in some instances they will want pre-sales or QS involvement where other non-banks on this list may not. That said, what really stands Killarney out is their appetite to look at funding in more regional locations across New Zealand which is a genuine boon for clients with projects outside the main centres. On top of this Killarney, being privately funded, can look at different funding solutions be it mezzanine finance or even on occasion a Joint Venture type arrangement. They are well suited for projects up to $15M.
Lateral Partners enjoy working closely with Richard and the team – they are genuinely great guys to deal with and take a collaborative approach to putting together solutions for their clients.
Benefits
Flexible lending criteria & creative thinking.
Appetite to fund more regional locations.
Collaborative approach when funding projects.
Limitations
Pricing. Being privately funded they can struggle to compete on pricing at times.
A little more conservative – will often require pre-sales or QS involvement.
Smaller non-bank limiting maximum deal size.
4 – 20-20 Finance
Debuting on our list at number 4 is 20-20 Finance (20-20). 20-20 are one of the more recent additions to the New Zealand non-bank market and have made a real impression over the last 12 months. Headed up by Dan Bolstad, the team have moved quickly to become a regular at the table on the development finance transactions we are running.
20-20 are funded through a mix of wholesale capital and private investment which allows them to be flexible across both senior development finance and bridging transactions. They have a pragmatic credit process that leans on a good understanding of property fundamentals rather than a rigid tick-box approach which is genuinely refreshing in this market.
Pricing-wise 20-20 sit competitively in the mid-range of the non-bank market, with line fees and interest rates that compare well to other funders of similar size. They are happy to look at projects nationwide and will consider regional locations on a deal-by-deal basis where the fundamentals stack up.
Lateral Partners have enjoyed working with Dan and the wider 20-20 team across several transactions in the last year. Their willingness to engage early, work through the detail and provide clear, well-structured term sheets makes them an easy lender to recommend to clients.
Benefits
Pragmatic, commercial credit process.
Competitively priced in the mid range of the non-bank market.
Willing to look at regional locations on a deal-by-deal basis.
Strong communication and clear, well-structured term sheets.
Limitations
Newer entrant which can limit deal sizes at the top end.
Generally require a QS and Valuation.
3 – ASAP Finance
At number 3 this year we have ASAP Finance (ASAP). Slipping down one place this year (but the only lender to make the list 3 years running!) ASAP remain one of the larger and more well-established non-bank lenders in NZ. Established in 2004 by brothers Adarsh and Darpan Patel, both of whom remain actively involved in the business, ASAP have now been around for over 20 years.
ASAP take pride in having a tight knit team that are intimately involved in their clients’ transactions with a deep property development and finance understanding. Each member of their team has been involved in their own developments and they enjoy working closely with clients to help them deliver projects.
ASAP are funded partly through the family office of Adarsh and Darpan alongside some wholesale finance lines. With a book now well north of $600M they remain one of the larger non-bank lenders in New Zealand and have continued to grow through the last 12 months.
ASAP’s key sales point continues to be their flexibility on loan terms, often not requiring pre-sales, valuations or QS involvement. This can be limiting, particularly around valuation where there can be disputes as to values, however, it does mean they can move quickly and make practical decisions for projects. Their size also allows them to look at funding opportunities up to $50M and beyond.
At Lateral Partners we continue to find ASAP a compelling solution for small – mid sized developments (particularly in this market) given they don’t require pre-sales and their pricing structure (higher interest rate but no line fee) which can make them cheaper than the alternative alongside the savings on a QS and valuation. The reason they slip a few places this year is simply that other lenders have closed the gap on speed and flexibility while pricing has continued to improve elsewhere in the market.
Benefits
Can fund up to $50M+.
Speed of approval and drawdown – can be within days.
Lend in all major NZ cities.
Lack of required consultants and pricing structure meaning they are often cheaper than an alternative.
Limitations
Internal risk measures which can be conservative.
High rates which can make bridging or land banks difficult.
2 – Vincent Capital Ltd
Just pipped to the top spot this year is Vincent Capital Limited (Vincent). Vincent are a good sized non-bank lender funding projects nationwide. Established in 2017 with offices in Auckland and Christchurch, Vincent remain one of the few non-banks with boots on the ground in different locations across New Zealand.
Leo Li, the principal of Vincent Capital, also owns a land development business, Founders, under which Leo and his team tackle subdivision and development projects of their own. This continues to give Vincent a great perspective on development given their deep understanding of project mechanics and requirements.
Vincent are very experienced lending into a multitude of developments from in-fill townhousing through to greenfield subdivisions. They employ a significant amount of technology within their business which allows them to provide quick decisions and flexibility on their financing requirements. Vincent are often able to move forward without the need for valuations or a QS, similar to ASAP, which helps close deals quickly, save money and give flexibility to clients.
Following their $300M finance line from Goldman Sachs in July 2024 Vincent have continued to push hard to grow their book and have funded a significant volume of new transactions through the last 12 months. They are also comfortable looking at unique funding solutions and higher leverage scenarios than most others.
At Lateral Partners we continue to find Vincent Capital a great solution for both small and large developments, often looking to compete on price and leverage. A special mention as well to their new business Lendr which allows Vincent competitively able to target pre and post development finance securing a pathway for clients.
Benefits
Can fund up to $100M+.
Speed of approval.
Lack of required consultants providing flexibility and cost savings.
Collaborative approach from their team with clients.
Limitations
Pricing – Vincent can find themselves more expensive due to rigidness with line fees making them uncompetitive and unsuited to term debt.
Limited to main town centres / Auckland adjacent areas.
1 – Mount Capital
Our number 1 NZ non-bank for the 2026 year is Mount Capital Limited (Mount). Climbing two places from last year, Mount have had a stand-out 12 months and thoroughly deserve the top spot. Mount were established in 2023 by Tyler Tabak and Tommy Seton after being frustrated with the funding landscape when securing finance for their own project, and they have since built one of the most impressive growth stories in the New Zealand non-bank market.
Mount Capital raise the majority of their capital from investors through wholesale funding rounds and lend these out alongside some wholesale funding lines. This does provide some boundaries to Mount’s credit process through their fund. Mount, however, also have a specific Deal by Deal fund which allows them to place capital directly into transactions for investors. From a borrower’s point of view this allows them to look creatively at robust transactions, placing unique capital solutions to enable deals to proceed.
What has set Mount apart this year is the speed at which they have scaled. They have grown their book materially, broadened their team, and continue to be one of the most responsive lenders in the market. Despite this growth, both Tyler and Tommy remain active participants in the business and are often the first call for the Lateral team on a deal. Being based at the Mount, Mount Capital also have an appetite to look at transactions that may be further afield than a traditional main city centre which has been of great value to clients across the country.
Mount are well placed for both bridging and development finance transactions up to $15M, looking at larger transactions on a deal-by-deal basis through the Deal by Deal fund. Tyler and Tommy (the founders) are knowledgeable and professional, ensuring a smooth and clear pathway with transactions which resonates well with borrowers and their professional teams.
Lateral Partners enjoy working with Mount Capital to structure deals and help clients get their projects funded across New Zealand. A big congratulations to Tyler, Tommy and the wider Mount Capital team!
Benefits
Quick decisions and simple credit process.
Ability to look at flexible solutions.
Professional and knowledgeable with great communication.
Happy to look at wider locations in NZ.
Limitations
Funding profile can make their senior fund credit policy restrictive at times.
Younger business still growing which can limit deal sizes on senior fund transactions.
So that was our top 5 list. Some other notable companies to mention but couldn’t quite crack the top 5 this year are FMT, Pallas and Finbase.