Peer-to-peer lender aims to raise €60m to fund house building
Peer-to-peer lender Initiative Ireland hopes to raise €60 million from members with the aim of financing construction loans.
The fintech startup said on Wednesday that the platform, scheduled to launch in September, could facilitate the building of 250 new family homes over the next 18 months if it raises €60 million.
The firm also said it hopes to create 50 jobs over the next five years.
The way the company works is that members will become part of a private lending syndicate in return for the issued loan and interest income.
According to the company, the members can tailor their loan portfolio in line with their own risk-reward appetite, choosing which pre-approved loans to fund and opting to finance senior or subordinate debt to achieve their financial goals. Private syndicate members can earn between 3.5 per cent and 7.5 per cent APR for their committed funds.