Home > Financial > €3m Peer-to-Peer Loan approved to build over 30 new Social Housing Units

€3m Peer-to-Peer Loan approved to build over 30 new Social Housing Units

Written by Robert McHugh, on 28th Jun 2019. Posted in Financial

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Initiative Ireland has today announced the launch of Ireland’s largest peer-to-peer loan to date, financed by its Secured Lending Community.

The €3 million loan will fund the construction of 33 new family homes in Carrickmacross, County Monaghan. The units have already been pre-contracted to approved housing body Tuath Housing. 
 
The company, headquartered at NovaUCD, the Centre for New Ventures and Entrepreneurs at University College Dublin, was established in 2015 and is led by a highly experienced finance, banking, property and legal team. Initiative Ireland is supported by Enterprise Ireland. 
 
Initiative Ireland’s focus is on delivering social impact, financing the construction of social and low-cost housing projects across Ireland. While many peer-to-peer platforms enable clients to co-fund unsecured loans, Initiative Ireland loans are all secured against Irish Real Estate.

The company takes a first legal charge over the underlying properties during the projects, providing a minimum of 133% collateral protection on all of the loans they finance, to the benefit of their lending community. 
 
Initiative Ireland has financed over €10 million in social and low-cost housing to date with loan proceeds shared amongst its growing community of businesses and individuals, co-funding the projects through the company’s peer-to-peer lending platform. 
 
Speaking from NovaUCD, CEO of Initiative Ireland, Padraig W. Rushe said, "The development and completion of this project will provide housing for 33 families, who today find themselves on waiting lists. At the same time, we are financing other projects building low-cost housing developments, providing much needed housing for lower and middle-income earners."

He added, "By focusing on social and affordable housing developments in this way, Initiative Ireland is building a community of private clients and businesses who share our commitment to social impact and justice."

Source: www.businessworld.ie

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