New Finance Source For Housing Developers

16 Sep 2021 | 07.27 am

New Finance Source For Housing Developers

Ardcairn is backed by M&G’s Catalyst fund

16 Sep 2021 | 07.27 am

Development finance lender Ardcairn Capital says it will deploy significant capital to help developers complete housing projects, backed by cash from M&G Investments’ £5 billion Catalyst fund.

The new lender is entering the market with financing of up to 90% of overall project costs for house developers who have a track record of delivering quality, the company says.

Ardcairn says it will consider all sizes of housing developments, whether social housing, traditional houses or apartments for private sale, with a loan requirement of €2m and up.

Chief executive Daire McCarthy said: “We are delighted to partner with M&G and are excited about the potential of the development finance space in Ireland, which is brimming with compelling opportunities for small to medium sized homebuilders, who continue to be overlooked and under-serviced in the market. 

“Our evolving, fast-paced society — accompanied by changes in demographics, preferences and regulation — is having a profound effect on how we live and commute. We need to be creative, and talk about more options for accommodation than we have done in the past, placing affordability at the centre of these conversations.”

M&G’s head of Catalyst Alex Seddon added: “Creating more, good quality homes is a priority for most societies around the world, and also a priority for our Catalyst fund, which is channelling investment to help make this happen.  We welcome this opportunity to partner with Ardcairn Capital to help overcome some of the barriers that smaller developers face in delivering residential and social housing.” 

McCarthy is a chartered surveyor with 20 years under his belt in banking and finance. He founded Ardcairn along with Noel Ross and Michael Corbett. Ross has 20 years experience in residential development finance, while Corbett is an accountant with more than 15 years experience in the Irish banking and real estate markets, including commercial lending, development finance and debt restructuring.

Photo (l-r): Michael Corbett, Daire McCarthy and Noel Ross. (Pic: Naoise Culhane)

 

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