NAMA has given a community group in Co Longford extra time to secure a loan for a site it hopes to develop.

The Granard Community Development Company was established with the intention of acquiring and developing a town centre property near the town's historic motte.

However, it was faced with the difficulty of securing the offer of a loan on time to keep NAMA from putting the site back on the market.

NAMA has given the group until 7 September to confirm whether it is in a position to complete the purchase.

The group has paid a €10,000 deposit and will commission a feasibility study to be carried out on the exact plans next month.