Irish commercial lender secures £25m backing
By Tom BelgerIreland Strategic Investment Fund (ISIF) has invested approximately £25.6m into non-bank lender Finance Ireland
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The investment is set to allow Finance Ireland to expand its SME, motor and commercial real estate lending.
ISIF will take a 32% shareholding in Finance Ireland as a result of the investment with two of its directors joining the lender’s board.
“ISIF was attracted by the opportunity to support an established and experienced management team to expand its non-bank platform and in particular grow its SME and agri-leasing businesses,” said Eugene O’Callaghan, director of ISIF.
“This investment complements the products provided by other non-bank platforms in the SME sector that ISIF has supported.”
Finance Ireland has already expanded its team with the addition of 40 new staff and is on target to provide approximately £250m of lending to Irish customers in 2016.
“This significant investment by ISIF underpins our very ambitious growth plans for the coming years,” said Billy Kane, founder of Finance Ireland.
“Our mission is to create a major non-bank lender in the Irish financial landscape offering customers a real alternative to the traditional banking sector and we are well on the way to achieving that.”
Keywords: Finance Ireland, Eugene O’Callaghan, Billy Kane, Ireland Strategic Investment Fund, SME lender, Commercial lender, Commercial real estate