Ardcairn Capital opens new Cork office after hitting €1bn lending milestone

Specialist lender has provided finance towards construction of over 5,000 homes, including over 1,500 units in Cork alone

Dan Murphy and Daire McCarthy of Ardcairn Capital. The company is opening new offices at 1 Horgan's Quay in Cork.

Ardcairn Capital is opening a new office in Cork as it deals with growing regional demand for lending development, with the company passing the €1bn lending milestone this year.

Ardcairn is a specialist development finance lender which has provided finance towards construction of over 5,000 homes, as well as purpose-built student accommodation. It has provided finance to construct over 1,500 units in Cork alone, including developments at Longview in Ballyvolane and at Waterfall Road.

The company was launched in 2021 and is backed by UK savings and investment group M&G. Ardcairn provides development finance to developers with a focus on residential development and purpose-built student accommodation, with loan requirements of €5m upwards and financing available for 60% to 90% of overall project costs.

Now, the company is establishing a permanent base in Cork City as the company responds to "a strong pipeline of opportunities across the region". The new office at 1 Horgan's Quay will accommodate a dedicated lending and portfolio management team, giving developers across Munster direct access to locally based decision-makers throughout the financing and delivery process. 

The team at Horgan's Quay will be led by Dan Murphy - who takes up the role as Ardcairn's director of new lending - and Michelle Morgan taking up the role of Portfolio Manager at Horgan’s Quay.

“Ardcairn has built a strong reputation for backing experienced developers with practical, flexible funding solutions that reflect the realities of delivering housing in Ireland. The continuing capital required to deliver Ireland's housing targets results in strong demand for specialist lenders who understand the market, move quickly and work closely with developers from origination through to delivery," said Mr Murphy. 

Chief executive of Ardcairn Capital, Daire McCarthy, said deploying €1bn in lending since launch is "a clear marker of the role Ardcairn now plays in Ireland’s residential development finance market. Behind that figure are more than 5,000 social, affordable and private homes, as well as student beds, supported across the country, and a lending model built around sector knowledge, speed of decision-making and flexibility for developers," said Mr McCarthy.

 “The new Cork office reflects increased activity across Munster and gives us a base to work more closely with developers in the region, while creating a platform for further hiring as the team grows. Dan’s experience across development finance, combined with his market knowledge and strong relationships across the sector, will be invaluable as we support more residential led and PBSA projects nationwide.”