Commercial lender Metrics Credit Partners is bulking up, with the launch of a A$400 million capital raising for its ASX-listed Master Income Trust.Metrics is on a roll. Last month it raised $300 million for a new listed fund, the MCP Income Opportunities Trust.Metrics has been in the commercial loan market since 2013, backed by institutional, high net worth and retail investors. It has originated around 200 loans worth $5.5 billion since then, including corporate loans, property development, project and infrastructure finance and acquisition loans.It participates in syndicates and club loans and originates on a bilateral basis. And it lends right through the capital structure, including structuring equity returns through warrants and options.The Master Income Trust was listed on the ASX in October 2017, after a $500 million capital raising. With the majority of its funds in investment grade loans, the fund targets an income return of the cash rate plus 3.25 per cent. It has exceeded that target consistently since listing.The Income Opportunities Trust will hold a portfolio of sub-investment grade debt and target an income return of 7 per cent, with participation in upside through derivative exposure taking the total return to 8 to 10 per cent. Metrics managing partner Andrew Lockhart sees plenty of opportunity for non-bank commercial lenders. "Our view is that the banks are not the natural holders of the loan assets we manage. The capital requirements are too onerous these days and the margins are too low for them," he says."We lend between $50 million and $100 million on an investment grade loan, and between $25 million and $50 million on a sub-investment grade loan."Lockhart says the latest capital raising will provide the fund with scale to invest in a strong pipeline of investment opportunities, improve the Trust's liquidity and lower the total costs to unitholders.