Strengths & Leadership

We offer a global perspective and strong deal origination capabilities from our extensive networks and experience. Relationships, governance and risk management are at our core.

Our Competitive Advantage

Deal Origination – Exceptional Access to Investment Opportunities

Denning has ready access to a diverse group of property developers across Australia and New Zealand with whom Denning has deep, long-standing and mutually rewarding relationships, in addition to a strong network of other local experts in this sector.

Rigorous Analysis and Due Diligence

Denning undertakes rigorous macro and micro level analysis of the real estate and private capital markets. We undertake detailed on-the-ground diligence of each project, developer and sponsors, meeting with prospective borrowers, inspecting sites, identifying and managing the risks.

Local Expertise

Denning’s senior executives hail from Sydney, Brisbane, Melbourne and Auckland, providing us with in-depth local expertise, as well as extensive local networks inherent to those educated and working in these markets. This enables Denning to source quality projects providing our investors with access to unique private credit investment opportunities. Denning offers a compelling combination of local knowledge and relationships coupled with global experience and perspective.

Personal and Direct Access

Borrowers and investors enjoy a personal relationship with Denning’s senior executives providing a high degree of responsiveness and direct access to information and insights regarding market trends, new investment opportunities and performance of existing investments.

Active Asset Management

Denning takes a very hands-on approach in monitoring all investments, closely tracking performance of projects, compliance with loan covenants and market changes that may impact developers and sponsors. The team regularly travels around the Eastern Seaboard of Australia and to New Zealand to engage with our borrowers, monitor projects under management and identify new investment opportunities. The team has deep and extensive experience with performing and non-performing assets, skilled at maximising return outcomes for investors.

The Leadership Team

  • Mathew Morahan
    Co-founder & Managing Director

    Mathew Morahan has over 20 years’ experience as a global finance executive, having worked in real estate debt and equity finance and restructuring across the UK, Europe, Australia and Asia. Prior to establishing Denning, Mathew worked for RBS in London and Sydney for 14 years. His focus was on institutional real estate banking and restructuring post-GFC. Mathew worked with some of the world’s largest hotel and property groups, leading a broad range of transactions including the restructure of a GBP1bn UK-based hotel portfolio. Over his career Mathew has specialised in property, also completing several of his own real estate developments. As co-founder and Managing Director of Denning he has led numerous projects from A$10-100m across all real estate sectors including residential, hotel, commercial, social housing, non-discretionary retail centres and student accommodation.

  • Anthony Boswell
    Co-founder & Managing Director

    Anthony Boswell was PwC Partner in New Zealand, Hong Kong/China and Australia. During his over 22 years with PwC he supported numerous multinational and local corporations in capital raising, debt restructuring, profit improvement and turnaround solutions. Anthony has undertaken 100+ Receivership and Liquidation appointments in Hong Kong and New Zealand with a strong track record of success, establishing a reputation for building stakeholder and investor alignment. Since 2016 Anthony has originated many mid-sized deals for Denning through matching corporate property developers and projects with investors along with ongoing management of their portfolio assets in Australia and New Zealand.

  • Jennifer Tang
    General Counsel & Managing Director

    Jennifer Tang is a lawyer and global funds management executive, with more than 25 years’ global experience in strategy, structuring and transaction advisory of private equity, private credit, corporate finance and restructuring. Formerly Jennifer was Senior Managing Director, Head of Legal and Head of Asset Management at Avenue Capital, a global special situations fund, for 10 years in Singapore and Sydney. She helped lead Avenue Capital’s Asia strategy, investing in undervalued debt and equity securities of companies in many sectors including property, hotels, infrastructure and resources. Jennifer also sat on the Boards of many portfolio companies, navigating work outs, restructuring, re-capitalisations and legal issues. For Denning, Jennifer provides legal, compliance and capital management expertise including sourcing, structuring and screening investments.

  • Michael Kearney
    Director, Origination (QLD)

    Michael is an experienced finance professional, having built his career in real estate finance and restructuring in Australia and the UK. Michael has strong analytical and origination experience, managing and growing a complex debt portfolio in excess of A$1bn. Throughout the GFC, he managed a distressed loan portfolio, with strong adherence to risk analysis and compliance, ensuring continued repayments. He also has extensive experience in managing non-performing loans in his roles with some of Australia’s largest lenders and banked both institutional and private property developers in multiple sectors: residential land and apartments, industrial, retail, commercial, hotels and specialist assets. Voluntarily, Mike is the Director of Finance for Surf Life Saving Queensland and Chair of the Audit and Finance Committee.

  • Ben Palman
    Director, Origination (NZ)

    Ben has had over 20 years’ experience in the property industry, including Property Development Consultancy and Real Estate Finance. He has also worked in-house arranging finance for a private investment and development company. His career includes both experience in the UK and NZ markets. Ben commenced his real estate career in 2002 and has built up a diversified skillset as a result of working through the GFC at NZ’s largest Bank, ANZ. In his 16 years at ANZ he grew an entry level customer portfolio to in excess of $1.0b which included some of the Bank’s most complex top tier development and investment customers. By the end of his tenure, he managed the largest region in the country with a team that peaked at 14 direct reports and a balance sheet approx. $3.0-$3.5bn. In this time Ben developed strengths in negotiation, risk management and origination.

  • Tom Burton
    Director, Origination (NSW)

    Tom has been in Sydney for nearly 20 years, banking with two of the majors before moving into private credit. With over 15 years in development, finance, and general management, Tom excels in building strong business networks and profitable models supported by technology. His experience includes lender, developer and builder in construction projects from $1 million to $50 million to technology transformation projects with budgets over $1 billion, such as Westpac's NPP. Tom's current board involvement spans various industries and regions, from black truffle farming operations in NZ to construction supply chains across NZ, Asia, and the EU. With Tom, it's all about deep relationships and quality projects.

  • Charles Tandy
    Director, Origination (VIC)

    Charles brings over 17 years of expertise in banking and finance, with a strong focus on risk management and origination within Commercial Real Estate lending. During the Global Financial Crisis, he spent five years in insolvency and restructuring at ANZ Institutional Bank, where he managed a national portfolio of real estate clients. Following this, Charles transitioned to the ANZ Institutional Property Group, spending seven years in both portfolio and origination roles. During this time, he led a team of analysts and held credit authority over a portfolio exceeding $2.5 billion. Before joining Denning, Charles was at Metrics Credit Partners, where he successfully originated over $1.5 billion in new client loans. He holds an MBA from Melbourne Business School.

  • Eddie Wilson
    Senior Advisor

    Eddie is a Senior Adviser to Denning with global executive experience across both private and listed environments. Currently Eddie also acts as the Investment Director for Salta Capital, the diversified investment arm of the wider Salta Property Group (one of Australia’s largest private property developers). Eddie’s experience and skillsets across a variety of asset classes including private equity, venture and managed funds (both debt and equity). Prior to Salta Capital, Eddie has also established and led a corporate venture arm for a leading global media/advertising conglomerate, and was an Investment Director for CVC Group (a listed, diversified investment group). Eddie joins Denning in an advisory capacity and brings unique skills in assessing opportunities across multiple asset classes.