Once dismissed as a last-resort option for developers, private credit has cemented itself as a core part of the funding mix—and is now staring down its first major regulatory test.

This was the mood in MA Financial’s Sydney boardroom, where developers, funders and industry leaders met to discuss the future of regulated private credit and the implications for both sides of the deal.

Metro Property Development and Creation Homes director Luke Hartman has borrowed $2.7 billion in non-bank funding since starting his business 15 years ago.