Finance Ireland to enter Irish residential mortgage market18 Oct 2018
Statement by Finance Ireland
- Finance Ireland announces entry into Irish residential mortgage market
- Announces agreement to acquire Pepper Money’s Residential Mortgage platform in Ireland
- Plans to launch additional mortgage products in the New Year
Thursday 18th October 2018. Finance Ireland, the country’s largest non-bank lender, has confirmed that it is accelerating its plans to enter the Irish residential mortgage market. The Company has today agreed to acquire the mortgage origination business of Pepper Money in Ireland. The purchase price is not disclosed.
A c€200M Irish residential mortgage loan portfolio, consisting of approximately 900 performing mortgage loans originated by Pepper Money over the past two years will also form part of the transaction. The existing terms and conditions of customers whose loans will transfer to Finance Ireland will be unaffected.
Speaking today, Finance Ireland founder and CEO, Billy Kane, said that the transaction will greatly accelerate the company’s entry into the Irish residential mortgage market. He confirmed that there are further plans to broaden out the mortgage product range in the New Year to compete with the main retail banks in Ireland. The Company will distribute these mortgage products exclusively through regulated mortgage intermediaries.
Finance Ireland, which was established by Billy Kane in 2002, has strong market positions in Auto Finance, SME Finance, Agri Finance and Commercial Real Estate Finance.
Finance Ireland employs c. 115 staff and reported lending of over €430 million for 2017.
Following the completion of the acquisition it is anticipated that some members of the Pepper Money residential team will transfer to Finance Ireland.
As part of the agreement, Finance Ireland will contract with Pepper to provide loan servicing facilities on behalf of the company, both for mortgages transferring under this transaction and mortgages originated by Finance Ireland in the future.
Issued on behalf of Finance Ireland by Gordon MRM