Pubs and shops targeted by new €200m lending fund

Pub and retail investors will be among those approved by a new €200m commercial lending fund.

Real Estate Loan Management Finance (Relm) will provide loans to companies, businesses and investors in commercial property investments across Ireland.

CEO Paul Dowling said the company was very interested in lending in Cork and the regions and would include all pubs, retail, offices, hospitality and residential investment properties.

The company, known as Relm, is already processing loan applications in excess of €30m following a pilot phase.

The initial €200m that has been secured and available for lending is expected to be further expanded by Relm throughout the year.

As well as phone and website applications, Relm is using an app called Cents Check for the initial loan applications.

It will provide loans from €1m upwards and customers approved for loans will benefit from a quick draw down of funds.

Relm said initial decisions will be provided within four days and full draw down in four to five weeks following approval.

Loans issued and managed by Relm will be non-recourse debt, secured primarily by property assets.

Relm is part of the Bartra group of companies and is backed by Avenue Capital Group.

Mr Dowling said: “We’ll be lending on suitable investments nationwide and this will contribute strongly to economic growth and development. Customers will also benefit through a streamlined system from the initial application to the full drawdown of funds, providing high levels of certainty for their investment process.

"We have a very experienced team of professionals at Relm Finance, drawing on over 100 years of lending and banking experience.”