The Momentum Fund is a direct response to the COVID-19 crisis and is designed to provide funding to established developers for large-scale developments in prime locations, which might have previously been funded by the mainstream banks.
The purpose of the product is to ensure that new large-scale residential projects continue to be commenced and delivered post COVID-19. The availability of the funding product will be for a period to be determined by the Minister for Finance.
The indicative Momentum Fund Product criteria are as follows:
- Facility size of up to €75m (for larger amounts contact HBFI directly to discuss)
- Gearing of up to 65% (includes site purchase and development funding)
- Margin and fees will be assessed on a case by case basis
Ideally, the site should have planning permission or be in the process of achieving planning permission.
Any other questions?
If you would like to enquire further about this product, have any further questions or would like to submit an application for funding, then please complete and submit the enquiry form.
Following submission of the form, a member of the HBFI lending team will contact you within two working days to answer any queries that you may have and/or guide you through the application process.
Please also see our FAQ Section for further information.
The criteria set out above are indicative only and subject to change. HBFI will assess each transaction on its own merits and each transaction will be subject to the applicable terms and conditions. If an applicant meets the above mentioned criteria, this does not guarantee credit approval. HBFI reserves the right to make its final decision based on the full application and supporting documentation.