Prop­er­ is­sues first loan

Irish Independent - Business Week - - APPOINTMENTS - Ron­ald Quin­lan

Newly-es­tab­lished peerto-peer prop­erty lender, Prop­er­ has is­sued its first loan for €250,000 to the de­vel­oper of a new mews build in Sandy­cove in south Dublin. In ex­cess of 100 par­ties re­port­edly con­trib­uted to the loan fa­cil­ity, which was is­sued to the bor­rower in less than two weeks.

Prop­er­ says that it has signed up in the re­gion of 1,000 lenders to its plat­form since its launch three months ago. The new ve­hi­cle aims to lend in ex­cess of €100m in to­tal to over 100 projects across the coun­try within the next three years with the sup­port of 10,000 Ir­ish ci­ti­zens. The av­er­age loan size will be €1.1m, with lenders con­tribut­ing as lit­tle as €500 up to a max­i­mum of €100,000, with a re­turn on av­er­age of 8pc. The pub­lic’s money will work along­side and in con­junc­tion with in­sti­tu­tional and pri­vate in­vest­ment funds.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.