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

    Deal Origination – Exceptional
    Access to Investment

    Denning has ready access to a diverse group of property developers and corporates 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.

  • On-the-ground Expertise

    Local Expertise

    Denning’s senior executives hail from Sydney, Brisbane 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.

  • Active Asset Management

    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.

  • Personal and Direct Access

    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.

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

    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

    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.

  • Julian Cottle
    Senior Analyst

    Julian has over 7 years' experience within the real estate and corporate restructuring industries with expertise in capital raising, structured finance, financial analysis, asset management, restructuring and turnaround. Julian works end to end on projects from structuring transactions through to execution building lasting rapport with investors, borrowers, brokers and consultants. Prior to joining Denning, Julian gained experience in complex restructurings and business analysis at PPB Advisory, now PwC, in the real estate restructuring team and at Kroll (formerly Duff & Phelps). Julian holds a Bachelor of Commerce degree.

  • Ellen Mogollon
    Senior Analyst

    Ellen has over 10 years’ of analytical experience, 7 of these years within the real estate and finance sectors. Ellen's various skills include financial and risk analysis, property and asset campaign management and relationship management. Prior to joining Denning, Ellen worked for Whillans Realty Group, New Zealand, and Ray White, Australia, assessing development and investment potential of real estate assets, and conducting development and feasibility studies and in-depth market research. Ellen holds a Bachelor of Science and has lived and worked in both New Zealand and Australia.

  • Maggie Yang
    Senior Analyst

    Maggie brings over a decade of expertise in the Banking and Finance industry, spanning commercial banking and property finance. Her skill set includes proficiency in financial and risk analysis, credit writing, property management, and building strong client relationships. Before joining Denning, Maggie spent 5 years at ASB Bank, a subsidiary of Commonwealth Bank of Australia, and 2 years at Kiwibank. She holds a Bachelor of Commerce with a major in Accounting and Finance and has successfully passed the CFA Level 1 exam.

  • Patrick O’Shaughnessy

    Patrick has over 6 years experience within the real estate, private wealth and banking industries. Patrick’s various skills include financial and risk analysis, credit analysis and relationship management. Prior to joining Denning, Patrick worked in a variety of roles for BlueWater Capital in the United Kingdom and Craigs Investment Partners and Westpac in New Zealand. He holds a Bachelor of Commerce with a major in Accounting and Finance and has successfully passed the CFA Level 1 exam.

  • Pablo Buchanan

    Pablo has specialised in real estate and property development for over 3 years. Pablo’s proficiency extends to multifaceted areas such as financial modelling, construction risk and economic risk assessments whilst also managing internal and external stakeholders. Pablo’s career in property finance commenced after graduating with a Bachelor of Economics and Finance at the Queensland University of Technology. Prior to this, Pablo worked hands-on within the Northern Territory aviation industry. This included operating under a regulated assurance program with aircraft engineers and planners, ensuring rescue aircrafts and seaplanes always met CASA (Civil Aviation Safety Authority) regulations.