ICS Mortgages has launched its new Housing Bridge Loan product, which offers a flexible short-term financing solution for homebuyers and investors seeking to buy property.
The mortgage provider said its new product addresses the demand for bridging finance in a market where the lack of short term and intermediate term funding options has hindered the ability of many to trade down, renovate rental properties or secure new properties.
It said the Housing Bridge Loan is designed to ease the bottleneck in the second-hand housing market, facilitating smoother transitions for those looking to change homes and contributing to a more "dynamic and accessible" property market.
The new loan provides terms of up to 18 months, allowing borrowers to transition into a regular mortgage facility if desired.
"Our introduction of bridging finance is a game-changer for the Irish housing market," said Ray McMahon, chief commercial officer at ICS Mortgages.
"This product will improve liquidity in the Irish housing market and provides greater confidence for those looking to downsize," he added.
ICS Mortgages, which is owned by Dilosk, said it is actively collaborating with mortgage brokers and estate agents, who have reported strong demand for bridging products.
Recent studies have highlighted the underutilisation of properties in Ireland, many with more rooms than needed.
There were only 12,495 second-hand properties listed in August 2024, representing just 0.6% of the housing stock. This compares to the 3-4% typically seen in a healthy market.
