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providing Borrowers with funding to complete their projects or finance their business whilst offering investors well structureD, secured and strong risk adjusted returns

For borrowers, M.H. Carnegie prides itself on being able to provide flexible, creative solutions to deliver the funding required to bring their projects to fruition or finance their business.

For investors, M.H. Carnegie has a team with many years' finance experience, with an aim to provide well structured transactions with strong risk adjusted returns in a low interest rate environment. 

To date, the M.H. Carnegie debt team has invested over $240m into secured first mortgage primary debt transactions, returning a realised IRR of 16.54% and unrealised IRR of 14.3%.

Head of Debt Capital, Neil Sutton, and Investment Director, Jay Mertens, bring 42 years combined experience across corporate, property, sponsor led and special situations debt markets.


The team structures transactions on a bespoke basis enabling funding solutions that are free from the product and policy constraints typical of traditional mainstream debt providers.

Development Finance

With a dislocation in credit markets following a withdrawal of bank funding to Australian real estate development, M.H. Carnegie saw an opportunity to enter the market. Targeting loans with the following characteristics:

  • Interest rate of 10-15%p.a.

  • Secured by first or second mortgages

  • Investment size of $15m-$50m

  • Loan to value ratio typically less than 70%

  • Loan to development cost typically less than 80%

M.H. Carnegie is partnered with Christian McKelvey, who sits on the credit committee and brings a wealth of expertise in property funding. Christian is the Founder of Heritage Property and has 20+ years experience in structured property finance and property advisory.  Christian was previously Group Head of Property at Pepper Property advisory and Divisional Director of Grant Samuel’s property business.