A €1.25 million project to finance a new peer-to-peer funded residential housing development in Kildare has been given the go-ahead in the Cluain Dara Estate, Derrinturn.
The residential development project aims to deliver over 65 houses over the next three years
Peer-to-peer lending is a type of lending in which you get a loan from an individual—not a bank or financial institution. It is also known as P2P lending, person-to-person lending, or social lending.
The first of the units will come to market shortly and the new homes will likely appeal to local buyers and commuters alike and are expected to range in price from €250,000 to €400,000.
The loan, funded by Initiative Ireland’s private and corporate clients was made to LandPort Estates Limited to acquire a portfolio of 65 plots, with full planning permission, in the Cluain Dara Estate.
Initiative Ireland was founded in 2015 by an experienced financial services team, with the goal of providing increased financial inclusion, competition and sustainability to the Irish finance market through its syndicated finance platform.
Peer-to-Peer lending, has become popular in the US and UK, as it enables individuals and institutions to pool funds and collectively finance loans together, as an alternative method of offering finance to businesses and individuals.