Big-name developers top list of funding recipients in state-backed home build loan scheme designed for smaller players
Sources in the private-lending sector say HBFI’s focus on major players is skewing the market and putting international lenders off funding the Irish residential market
Major developers, including DRes, Marlet, Cairn Homes, Glenveagh and Joe O’Reilly’s Castlethorn have received backing through subsidiaries.
And firms linked to the Roche family – one of the most successful families in Irish business through its involvement in NTR and the Doyle Hotel Group – also received state-backed loans for house building.
But numerous sources in private-sector development funding firms say that HBFI’s focus on big players is skewing the market and discouraging international lenders from funding the Irish residential sector.
Scheme was introduced by Paschal Donohoe (pictured) five years ago with a remit to back small developers in areas where the private sector was unwilling to lend
Ian Lawlor of development funder Round Tower Capital said he was aware of a UK lender who in the last six…
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