Fiduciam has just closed two development loans, with a total value of £2.5million, with one using its ‘Stepping Stone’ scheme. The two loans will provide funding for private developments in south London and on the south east coast. Fiduciam is standing by our house builders, providing them with development loan facilities in these challenging times.
The state of emergency is not stopping Fiduciam from lending in Spain.We are standing behind all Spanish entrepreneurs and SMEs in this difficult time, and have completed two loans this week totaling almost €2,5M. Both deals were halted as a result of the coronavirus crisis and had complex aspects that traditional banks could not overcome which Fiduciam was able to, even during the lockdown.
Fiduciam has started 2020 with a substantial increase in new Irish bridging loan business, both north and south of the border, and is bullish about the prospects for rest of the year.
It aims to lend €50 million in Ireland this year, an increase on its original projection and building on the strength of its Irish bridging loan offering. Fiduciam will also start offering Irish development loans and be opening a Belfast office. The company has already hired a new Irish case manager to help with the increase in enquiries.
Overall, the Irish property market has been improving with property price rises seen in the main centres. This is now spreading to commuter towns and some of the key county towns throughout Ireland. Northern Ireland, which is in a unique economic and political situation, should benefit significantly from Brexit and is likely to continue to perform well over the next couple of years.
Although the main banks in Ireland are still negotiating debt settlements with borrowers, Fiduciam has been proactive in providing exit solutions for many of the thousands of borrowers left in debt following the financial crisis.
Fiduciam began lending in Ireland in early 2017 and to date has loaned a total of €72,244,088 in the Republic and Northern Ireland, across residential property, hotels, farms, care homes and other commercial enterprises.
Kenneth Duffy, country manager for Ireland, says: “From an Irish perspective, the past three years have been incredibly challenging. The country has navigated Brexit and is now dealing with an outbreak of the Coronavirus. Throughout all the economic uncertainty, Fiduciam has remained fully committed to the Irish bridging loan market. Fiduciam’s investment in Ireland continues into 2020, our team is growing, we are introducing Irish development loans as part of our offering, and we are opening a Belfast office.
“Our commitment has paid off thus far, our market share has increased year on year and we fully expect this will continue into 2020, when Coronavirus has run its course”.
