Home Building Finance Ireland (HBFI ), set up by the Government to fund the delivery of new homes, has grown total loan approvals to €395m during 2020, its second year of operation.
This shows that HBFI has now committed 54 per cent of its €730m capital in its first two years of operation. In a performance update published recently, HBFI said that at the end of December 2020 it had approved funding for 1,850 new homes in 38 developments in 17 counties. Social housing projects account for 32 per cent of the new homes approved for funding.
107 HBFI-funded units have already been completed and sold, with a further 476 contracted for sale.
“Despite the challenges of Covid-19, we have played a very strong role in delivering new homes and providing a wide selection of innovative funding products for housebuilders to comprehensively address market failures in the sector” said Dara Deering, HBFI CEO.
To date HBFI has launched a range of new product offerings to enable more housebuilders to access funding to resume developments.
HBFI can fund projects from five to over 300 units up to a maximum of €75m.
Regional Mandate
The objective of HBFI is to provide additional capital in the housing market and it has a national remit to support viable projects in all regions across the country.
HBFI is keen to fund commercially viable projects in Galway and the surrounding area and we would like to reach out to builders/developers that may be seeking funding.
Criteria for Funding
When considering a project for funding, HBFI looks at three main areas: - the commercial viability of the project, the demand for the homes and the competency of the builder/developer delivering the project.
HBFI is open to funding projects in all areas across the country.
Application Process
All HBFI lending will be on commercial terms, with interest charged at market rates.
The HBFI operational model ensures that there is a simplified application process with quick decision-making. The initial enquiry form can be submitted via the website www.hbfi.ie
They welcome further engagement and you can contact David Faughnan, HBFI Senior Business Development Manager, by telephone on (087 ) 0683859 or by emailing: [email protected].
