New Social Housing at Blackhall Street, Smithfield, Dublin 7

Castlehaven Finance provides senior development loans on residential and commercial developments throughout Ireland from €1 million, covering up to 90 per cent loan-to-cost. Asset refinance and equity release is also available for sites in ownership. All senior development loans are secured by way of registering a first legal charge on the property. The company also provides 80 per cent loan-to-value corporate bridging finance from €1 million for periods up to 36 months.

But, did you know that Castlehaven Finance funds both private and social housing?

As an alternative lender, Castlehaven has greater flexibility in terms of location for social housing projects and, over the past number of years, our team has worked with developers all over the country on these projects. We understand the wider funding ecosystem for social housing in Ireland, which helps us to work well in partnership to deliver vital homes and site works. Our assessment of social housing projects is broadly similar to private residential projects, however, proposed projects with joint approved housing body and local authority contracts in place are preferred in areas of population below 5,000. Such proposed projects will be assessed as a matter of priority.

By making borrowing as simple and straight-forward as possible, the Castlehaven Finance team ensures a speedy turnaround time on lending decisions. And while every project requires a customised solution, Castlehaven is consistently transparent in setting out our underwriting approach, our cost of funding, and our lending process.

The team at Castlehaven Finance has provided development funding services to over 30 social housing schemes across Ireland and is currently supporting 15 live social housing developments. One of these is a 39-unit block on Blackhall Street in Smithfield in Dublin 7, an area with high housing demand.

Upon completion, these apartments will be leased to Dublin City Council under their Long Term Leasing Initiative and made available to people on the local housing list.

Site Update:

Similar to all construction sites across the country, this site was closed for a period of time due to Covid-19 restrictions and has since re-opened on a phased basis. The project is due for completion and handover in August 2020.