Padraig Rushe

Initiative Ireland eyes UK property lending market

Initiative Ireland has revealed that it intends to expand its lending activities into the UK property market.

In an exclusive interview with Bridging & Commercial, Padraig Rushe, CEO at Initiative Ireland (pictured above), stated that the lender was expanding into the UK in stages.

Earlier this year, it launched a UK subsidiary to allow UK corporate lending accounts and corporate credit partners to invest in its Irish property loans.

During the next year, Initiative Ireland is looking to allow retail investors to invest in its Irish property loans, including development, bridging and exit finance.

Within the next two years, it plans to start lending in the UK.

Padraig added that the lender thought it could add value to the UK market and would look to launch a local team.

“We would absolutely look to have a local team; I think one of the key things, especially from a lending perspective, is that we engage with borrowers directly.

“We have our guys going out to the sites every two weeks, we really are aligned with the borrower’s interests that the deal actually goes through and that the project is successful as much as we are aligned with our lender’s interests.

“I think we see a good future in terms of working with UK investors in terms of deploying capital in Ireland, as well as UK investors who are looking to deploy capital in the UK.

“And I think the discipline that we can bring to the Irish market, we can also bring to the UK market.”

The lender has provided €10m (approximately £9.2m) of loans to date and is targeting around €150m (approximately £138m) of lending per annum in the Irish social and affordable housing sector.

Padraig claimed that this would equate to at least 1,000 new homes per annum for the Irish property market.

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