Initiative Ireland is to invest €1.25m in a new peer-to-peer funded residential housing development in Co Kildare, only the second of its kind nationwide. The finance is funded by Initiative Ireland’s private and corporate clients and will go to to LandPort Estates to acquire a portfolio of 65 plots with full planning permission in Derrinturn, Co Kildare.

Initiative Ireland was founded in 2015 to provide greater financial inclusion, competition and sustainability in the Irish finance market through its syndicated finance platform. It's based at NovaUCD and supported by Enterprise Ireland as a high-potential startup.

Chief executive Padraig Rushe said: “The Greater Dublin Area will require on average 17,000 new homes over the next two years, with some 1,800 new homes needed in Kildare. Today’s announcement is a step in the right direction to addressing this need and this new development will bring much needed family homes to the market in Kildare.

“The first of over 65 housing units 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."

Rushe added: “At Initiative Ireland we assess and professionally manage secured property loans from start to finish, on behalf of our lending clients. All of our loans are secured with a first charge over the property deeds and we work exclusively with experienced developers, offering fair rates to our borrowers and lenders alike.”

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Initiative Ireland offers loans at mainstream finance rates to attract experienced property developers. In return for the attractive borrowing rates, these developers provide a first legal charge over their properties to the company.

"Our clients appreciate the opportunity to earn fair returns of up to 8% APR on their funds while also helping to deliver much needed family homes across Ireland,” said Rushe.