New property finance lender Elgin Property Finance has partnered with Pollen Street Capital to provide finance for affordable development opportunities across Ireland.

The new lending partnership will look to fund up to €300m of Irish development loans over the next three to five years.

Elgin, which is part of the Mm Capital Group, said it is aiming to deploy significant capital to help developers bring new and existing residential projects, including social housing, to completion.

It is entering the market with competitive financing of up to 75% LTV and 90% of project development costs for deals over €1m.

The new partnership will provide debt finance mainly for housing projects, as well as other "bed-led" assets such as care homes, student accommodation, and hotels throughout Ireland.

Elgin already has a strong pipeline of deals across the country and has agreed terms on schemes that will deliver over 150 affordable housing units in Kildare, Galway and Limerick.

Pollen Street Capital has invested over €1.5 billion in senior real estate funding in Ireland and the UK over the past five years through its partnership model with specialist property lenders.

Domhnall Gaffney, Director at Elgin, said that the company was delighted to partner with Pollen Street, which has a proven track record in deploying meaningful development finance capital in the UK and Ireland over the last number of years.

"With its specialist expertise and significant capital backing we are aiming to lend €300m over the next three to five years," Mr Gaffney said.

"We believe we can play our part to deliver much needed housing for Ireland, as well as supporting the living sector with much needed funding following underdevelopment over the last 10 years," he added.

Ben Jackson, Investment Manager, Pollen Street Capital, said that in markets with a shortage of affordable new homes and which are increasingly underserved by mainstream financiers, the company's strategy focusses on bridging and development funding through selective partnerships with real estate lending platforms such as Elgin Property Finance.

"This new partnership Elgin Property Finance is aligned with our strategy and our ambition to support the development of much needed new homes in Ireland," he added.