Timbercreek sets up Irish lending division

Timbercreek Asset Management has launched a commercial property lending business in Ireland, with €200m (£170m) available to lend.

The Canadian investment firm, which entered the UK real estate debt market in 2013, is looking to provide loans of between €1m and €50m across a range of sectors including offices, retail, rental apartments and hotels.

It has the ability to expand lending capacity further to meet demand. The lender will focus on working with investors and borrowers with asset management or redevelopment initiatives.

It will provide loans of up to 75% loan to value (LTV) and offer 12- to 60-month term lengths, with flexibility on pre-payment and structure.

Paul Roddy, who has previously held senior roles at Hudson Advisors and IBRC, will run Timbercreek’s Irish business.

“Our plan is to replicate in Ireland Timbercreek’s North American success in supporting property investors with mid-sized commercial property loans, who are currently underserved by the traditional banking sector,” he said.

“Timbercreek’s philosophy is to build long-term relationships with customers and to give them a flexible service based on quick decision making and execution. We are establishing ourselves as a long-term lender to the Irish market.”

Attractive to lenders

Roddy is building an initial team of four people to run the business from offices in Merrion Square, Dublin.

Brad Trotter, managing director, US and European debt at Timbercreek, said the Irish property market was attractive to lenders.

“We find a lack of supply in the Irish market along with a healthy pipeline of commercial real estate transactions,” he said. “There are good opportunities for us as a senior lender.”

Toronto-based Timbercreek, which was founded in 1999, co‑invests and manages capital on behalf of Canadian institutional investors and pension funds. It has originated and managed $4bn (£3bn) of commercial property loans in Canada, the US and the UK.

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