Concerns raised by domestic regulators and global asset strategists over how Australia's overheating property market could destabilise the economy has done little to stifle international investment in local non-bank lenders.Melbourne-based specialist lender, La Trobe Financial, is the latest privately-owned mortgage lender to attract an offshore buyer, with US private equity giant Blackstone announcing on Monday it had taken a majority stake in the business.Under the terms of the sale, Blackstone has acquired an 80 per cent interest in the company from longstanding owner and CEO, Greg O'Neill.The parties did not disclose a price tag on the transaction, but if recent valuation benchmarks used in other recent buyouts are applied, then Blackstone could have paid more than $200 million to nail the deal."The opportunity to partner with Blackstone was the perfect fit for our staff, business and customers," said O'Neill."The specialist credit space is experiencing a defining period of change and growth around the world right now and it is critical that we continue to build on our strong capital position, expand our networks and draw on global best practice."Blackstone appears to be taking a hands-off approach to business, with O'Neill and senior executives agreeing to continue in key management roles.All existing board members will also continue in their roles, with Blackstone nominating two additional directors.La Trobe is the second leading non-bank to be acquired by an offshore buyer this year after US private equity outfit Kohlberg Kravis Roberts bought out the operations of Pepper Home Loans.KKR shelled out $682 million to secure control of Pepper.La Trobe has been a beneficiary of strong growth in investment property lending in the last the four years and has been acknowledged by mortgage brokers as a leader in supplying finance to Chinese investors.O'Neill flagged that the company, which has retail lending operations in Shanghai and Hong Kong, would look to expand its global footprint through Blackstone."There is a unique opportunity to tap into Blackstone's global platform and its operational support to expand our investment and lending programs globally," he said."The scale of the opportunity is unprecedented, given that Blackstone is larger than its four largest peer competitors combined."The company will also widen its offerings in the Australian financial services market."In time, and consistent with our sixty-five year history, we will look to offer a broader set of products and services that are relevant to existing and potential clients," O'Neill said.However, the Blackstone transaction follows concerted moves by the Australian Prudential Regulation Authority to dampen investor borrowing in the home loan market.The regulatory action is likely to put pressure on non-banks to maintain volume growth in the near-term.While O'Neill retains a 20 per cent interest in the business, the transaction brings to an end his family's 65-year grip on the company.La Trobe Financial was founded in 1952 by O'Neill's father, Raymond and his business partner Kelvin O'Mullane, to provide home finance to borrowers in Victoria's Gippsland region.The company has been an innovator in the non-bank sector, having pioneered "lite doc" loans in 1990 and reverse