Home Building Finance Ireland – opening doors to new builds

House builders and developers in Cavan are being encouraged to tap into a fund to help them resume developments.

Home Building Finance Ireland (HBFI) is a company established under the Department of Finance to help increase the supply of new homes in the State. It’s aiming to do so through the provision of finance to commercially viable residential developments.

HBFI has up to €750m available from the Ireland Strategic Investment Fund, with an ability to raise further funds on the market should they be required. This translates into a capability to fund the delivery of up to 7,500 units over a five-year period.

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 comprising five to over 300 units, up to a maximum of €75m.

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 Cavan and the surrounding area and we would like to reach out to builders/developers that may be seeking 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.

To end July 2020, HBFI had approved €340m in funding for 1,477 new homes in 29 developments in 16 counties. Social housing projects accounted for just over one third of the new homes approved for funding.

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

Further queries can be directed to David Faughnan, HBFI senior business development manager, on 087-0683859 or email: info@hbfi.ie