Defensive Opportunity

Tailored first mortgage lending solutions


White & Partners commenced undertaking First Mortgage debt investments in 2016 to invest in Commercial Real Estate (CRE) First Mortgage opportunities.

We aim to deliver:

— attractive risk adjusted returns to investors (targeting 8% to 12%); and
— tailored first mortgage lending solutions to borrowers.


CRE First Mortgages represent an attractive risk / return proposition for investors in the current low interest rate environment.

The CRE lending market in Australia is in a state of flux as a result of the regulatory pressures being applied to the major banks (increased capital requirements, changes to risk weightings, and review of lending practices).

With the banks pulling back on loan parameters (i.e. LVR, LTCR) and scaling down in certain segments (development funding), there are growing opportunities to replace the funding not being provided by banks through structuring investments for investors.

First Mortgage lending provides strong capital protection, where the value of an investor’s capital is preserved in most cases, even if the value of the underlying security declines. CRE First Mortgages provide attractive risk adjusted returns, strong security position and diversification benefits.

Investor driven:

The governance and management arrangements have been designed to focus on investors’ interests foremost. Whilst we value our relationship with financial and property brokers, our clear delineation of responsibilities and focus on investors sets us apart from other firms.

Investor alignment through co-investment:

The White Family, Investment Committee and Management Team invest alongside investors to ensure strong alignment of interests.

Tailored approach to assessing and pricing risk:

WPDM carefully considers each proposal on a case by case basis to ensure assessed risks are appropriately remunerated. We do not adopt a ‘box-ticking’ approach to credit assessment and are willing to flex terms in exchange for superior returns and/or compensating factors that mitigate risk. The preservation of capital is central to our investment and loan management processes.

First Mortgage focus:

WPDM is in control as First Mortgagee in the event of any loan performance issues. We adopt a value-based approach to managing non-performing loans to minimise investor downside risk.


We aim to syndicate loans in a considerably quicker timeframe than the banks.

Comparative Advantage

WPDM draws upon the deep property expertise at the disposal of White & Partners to assess and manage investments in First Mortgage CRE Debt. We believe our experience, relationships, speed and ability to conduct detailed due diligence tapping into Ray White’s unrivalled Australasian real estate market intelligence provide investors unique access to the Australian CRE debt market and trusted custodianship of their capital.

Seasoned Management Team

WPDM is led by Stephen Girdis and James Hodgkinson. Stephen and James have worked together for more than 20 years and have senior executive experience in Macquarie’s Real Estate businesses. The senior team at WPDM has over 50 years of combined real estate, credit investing and loan portfolio management experience.

"We're here to deliver attractive risk adjusted returns to investors by providing tailored first mortgage lending solutions to borrowers."

Stephen Girdis

Chairman of the Debt Management Investment Committee