Business finance provider Financefair has set up a new €150m fund dedicated to accelerating the development of social and affordable housing across Ireland.
The new fund marks Financefair's growing commitment to meet the needs of an underserved market of small and midsize scaling companies.
The Financefair Social and Affordable Housing Fund will be managed and administered by Financefair with funding provided via London-based investment firm LCM Partners.
The new fund aims to finance the construction of up to 750 new homes in communities throughout Ireland.
These homes will be sold to Approved Housing Bodies (AHBs), Local Authorities, and the Land Development Agency (LDA) and will support the country's social and affordable housing development needs.
Financefair will provide loans of up to 90% of the total development cost, or up to 75% of net development value, for experienced residential developers.
"Supporting the development of affordable homes is not just an investment in housing it's an investment in the future of Irish communities," said Peter Brady, co-founder and chief revenue officer of Financefair.
Declan Reid, managing director at LCM Partners said, the partnership with Financefair reflects its commitment to sustainable development aligned to the need for social and affordable housing.
Financefair said that experienced residential developers interested in applying to the fund are invited to contact it.
Financefair (formerly InvoiceFair) was formed in 2015 by co-founders Helen Cahill and Peter Brady to provide working capital solutions to growing businesses in Ireland and the UK. It has advanced over € 1.7 billion of working capital funding to date.
