It was announced today that Castlehaven Finance is looking to deploy €350 million of development and bridging finance next year as it expands into Cork, Galway and Limerick.
It is anticipated that this further capital should finance the construction of over 2,500 residential units in Dublin, Cork, Galway and Limerick. The finance is backed by PSC Eaglewood, part of the Pollen Street Capital Group with over £2billion of assets under management.
Castlehaven provides acquisition financing, working capital finance and re-financing to developers of up to 90% of total costs. In addition, Castlehaven also provides bridging finance with a ‘Loan to Value’ of up to 80%. With loan sizes from €1m – €20m Castlehaven acts as an alternative lender to the banks and streamlines access to finance.
The company believes it is on track to complete over €150m in lending this year, providing over 1,000 residential units.
Speaking this week, Partner at Castlehaven Finance, Will Aylmer said, "We have seen a large increase in activity in the Irish residential property market over the last 12 months, in particular the demand for new housing in Cork, Galway and Limerick. In response to this we are now actively seeking lending opportunities in these locations."
He added, "One of Castlehaven’s key selling points is that we are very responsive and have a fast decision making process. We can get funding approved and delivered to a client in a very quick timeframe. The financing of a one recent development project was completed in 7 days from start to finish. This speed gives us and our clients a huge advantage in the market."