New construction finance vehicle targeting projects valued up to €20m

Non-bank property lender Earlsfort Capital Partners has announced the launch of a new construction finance vehicle aimed at supporting “ready to go” residential projects valued at between €7 million and €20 million.

Earlsfort’s new construction lending vehicle Earlsfort Development Finance DAC has already closed two transactions with a combined value of €25 million, the firm said in a statement, both with “established developers”.

One of the projects is a €15 million apartment development in Limerick city and the other is a starter home housing scheme in Enfield, Co Meath, Earlsfort said.

Founded in 2014 by former Anglo Irish Bank executives Fergal Feeney and Paul Brophy, Earlsfort provides debt capital to property investors and developers in Ireland and Britain.

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Mr Brophy said the new vehicle is a natural add-on to Earlsfort’s current offering in the Irish market. “We are delighted to launch this programme and to help provide much-needed support and liquidity to the housing sector,” Mr Brophy said.