Peer to peer lender Initiative Ireland has plans to raise €60m ($70m) from its members in order to finance construction loans for 250 new family homes. The initiative is part of a wider push by the Irish government and banks towards providing more affordable housing as it seeks to tackle Ireland’s chronic shortage of social housing. Members will form part of a private lending syndicate in return for the issued loan and interest income, with returns of between 3.5% and 7.5% APR for committed funds.
Peer to peer lender Initiative Ireland has plans to raise €60m ($70m) from its members in order to finance construction loans for 250 new family homes. Members, who will have a minimum investment size of €10,000, will have the ability to tailor their portfolio to match their risk appetite. Members will form part of a private lending syndicate in return for the issued loan and interest income, with returns of between 3.5% and 7.5% APR for committed funds.