Syndicated property finance platform Initiative Ireland said it aims to fund €60m in construction loans to build around 250 new homes be the end of 2018.
The platform, which is due to launch in September, will enable the company’s private syndicate members to participate in the funding of secured real estate loans across Ireland.
The firm says members, who will have to commit at least €10,000, will have the ability to earn 3.50% APR to 7.50% APR for their committed funds.
Supported by Enterprise Ireland as a high-potential start-up, and headquartered at NovaUCD, the company was founded in 2015 by an experienced financial services team, with the goal of providing increased financial inclusion, competition and sustainability to the Irish finance market.
Initiative Ireland CEO Padraig W Rushe said the company has "designed our offering to support additional, small developments across the country, with the expectation of financing the construction of a further 250 to 500 new homes per annum starting in 2019.
"Our affordable pricing is designed to activate dormant sites and as such this additional lending is expected to deliver a further 600 to 1200 additional construction jobs in 2019, in addition to 50 new jobs to be created in the company, over the next 5 years."
Minister for Housing Eoghan Murphy has welcomed the additional funding.
