UK commercial property lender Octopus launches in Republic with €350m a year lending target

'The Irish commercial property market is thriving, and the launch of our commercial lending product will enable the funding of developments of scale across the commercial spectrum,' Octopus’ chief executive Benjamin Davis said. File picture

British commercial lender Octopus Real Estate has entered the Republic with a target of lending about €350m a year for commercial property transactions.

The company is offering bridging finance of €500,000 and upwards – with a monthly interest rate of 0.75% – for all types of commercial property transactions, including acquisitions, refinances, and equity release.

Octopus’ chief executive Benjamin Davis said Ireland was an important market for the company.

"The Irish commercial property market is thriving, and the launch of our commercial lending product will enable the funding of developments of scale across the commercial spectrum," he said. 

"We have a reputation of providing best-in-class service and attractive lending rates. We believe this product, coupled with our experience in commercial lending, will be a positive addition to the Irish market," Mr Davis said.

The move here forms part of Octopus’ expansion beyond the UK. The company said it would be offering support to brokers and borrowers and its loans would be available across all asset classes, including land with planning for residential building.

“We are known for our speed of execution, transparency and flexibility, and we want to introduce our service to a vibrant and growing new marketplace,” said James Nunn who is leading Octopus’ launch in the Republic.