Business

Bridging lender Fiduciam plans new Belfast office

Kenneth Duffy, Fiduciam country manager for Ireland

BRIDGING lender Fiduciam is expanding its operations into Ireland, north and south, where it intends to lend €50 million, and also plans to open an office in Belfast, where it has already recruited a case manager to help with an increase in enquiries.

Fiduciam (www.fiduciam.co.uk) provides bridging loans secured on property in the UK, Ireland, Spain, the Netherlands, France, Germany, Belgium and Switzerland, from £250,000 to £25m, for loan terms of six months to three years, both in pound sterling and in euro.

It says it has started 2020 with a substantial increase in new business across Ireland, where it is bullish about the prospects for rest of the year.

Although the main banks in Ireland are still negotiating debt settlements with borrowers, Fiduciam claims it has been proactive in providing exit solutions for many of the thousands of borrowers left in debt following the financial crisis.

It began lending in Ireland in early 2017 and to date has loaned a total of €72 million in the Republic and Northern Ireland, across residential property, hotels, farms, care homes and other commercial enterprises.

Kenneth Duffy, country manager for Ireland, says: “From an Irish perspective, the past three years have been incredibly challenging. The country has navigated Brexit and is now dealing with an outbreak of the coronavirus.

“Throughout all the economic uncertainty, Fiduciam has remained fully committed to the Irish market. Our investment in Ireland continues into 2020, our team is growing and we are opening a Belfast office.

“Our commitment has paid off thus far, our market share has increased year on year and we fully expect this will continue into 2020, when coronavirus has hopefully run its course.”

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