Sep 11, 2026 · 42 min · 13 segments
In this episode of The Deal with Adam Di Marco, we sit down with Michael Hynes, Co-founder of Stamford Capital to discuss the current state of Australia's private credit sector in the property…
Michael HynesGuest
Adam Di MarcoHost
And really since then, we've seen a couple of big policy strokes then give birth to the non-bank sector and really seen that grow and mature and Um, and become,
Uh, as I said, Dominic and I, we started in 2010, but I'd been in the space for 10 years before that already in
There was a very robust, what used to be called non-bank lending, until about three years ago it became private credit.
But pre-GFC, there were a number of large institutional non-banks that would lend to commercial real estate.
What became the whole market, again, ran hot into the GFC, banks, non-banks, like the lending practices, lenders were aggressive.
And when the market stopped, everyone was exposed, the banks and the non-banks.
And obviously the consequence was the government was concerned about economic stability and came in and said, thanks, we'll guarantee you a deposit.
So all the non-banks were like, well, shit, what does that mean for us? Because they were very much akin to a cash investment at that time, as investors saw it.
So that sector was eviscerated because investors, like what we're seeing now, that I guess what we're seeing now is fund managers who are a bit more aware and aware of the risk.
Back then, funds didn't have gates, so investors were like, we want redemption.
And as I said, there were some big institutional names attached to that space, ING, Colonial, AXA.
We're not talking solicitors, mortgage trusts, although a good number of those did exist as well.
And really since then, we've seen a couple of big policy strokes then give birth to the non-bank sector and really seen that grow and mature and Um, and become,
Uh, as I said, Dominic and I, we started in 2010, but I'd been in the space for 10 years before that already in
There was a very robust, what used to be called non-bank lending, until about three years ago it became private credit.
But pre-GFC, there were a number of large institutional non-banks that would lend to commercial real estate.
What became the whole market, again, ran hot into the GFC, banks, non-banks, like the lending practices, lenders were aggressive.
And when the market stopped, everyone was exposed, the banks and the non-banks.
And obviously the consequence was the government was concerned about economic stability and came in and said, thanks, we'll guarantee you a deposit.
So all the non-banks were like, well, shit, what does that mean for us? Because they were very much akin to a cash investment at that time, as investors saw it.
So that sector was eviscerated because investors, like what we're seeing now, that I guess what we're seeing now is fund managers who are a bit more aware and aware of the risk.
Back then, funds didn't have gates, so investors were like, we want redemption.
And as I said, there were some big institutional names attached to that space, ING, Colonial, AXA.
We're not talking solicitors, mortgage trusts, although a good number of those did exist as well.
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