Newest non-bank lender officially launched

• Tweet

MB Private has launched as a new non-bank lender, and it has the backing of Westpac New Zealand.

Tuesday, September 15th 2026, 2:57PM 1 Comment

MB Private has launched as a new player in New Zealand's rapidly growing private credit market, backed by an initial $150 million funding commitment from Westpac New Zealand.

The Westpac funding is complemented by a further $20 million in first-loss capital provided by MB Private shareholders, creating alignment between the business, its funding partners and investors.

MB Private will manage private credit funds providing property-backed lending to residential borrowers, with loans secured by first mortgages over New Zealand property. The business combines institutional-grade credit disciplines with technology, streamlined decision-making and a strong focus on speed and ease of process for borrowers.

Founder Marcus Morrison (pictured) says securing Westpac's support at launch provided a strong foundation from which to build the new lending platform.

"The partnership with Westpac New Zealand gives MB Private a solid base from which to scale and respond to growing demand for alternative lending solutions. It is also an important endorsement of the team we have built and the quality of the credit and operational disciplines underpinning our business."

Morrison says the opportunity for MB Private is not merely to participate in a growing market, but to establish a strong point of difference within it. The company expects to build on its initial $150 million funding pool, targeting a further $500 million in lending capacity following deployment of its first tranche.

Westpac New Zealand's managing director of Institutional and Business Banking Reuben Tucker says the bank is working alongside MB Private to provide funding that supports its growth ambitions and commitment to delivering innovative lending solutions to the New Zealand market.

KPMG's recent Specialist Lenders Insights Report (March 2026) identified approximately $22 billion in loan obligations across the sector, with more than 80% of lenders reporting growth in lending volumes and 75% of respondents reporting increased net profit after tax compared with the previous year.

SEE WHO IS BEHIND MB PRIVATE HERE

Comments from our readers

Sign In to add your comment