Pepper Money, a unit of an Australian loans giant which has Irish bases in Shannon and Dublin, has said it will provide corporate loans for the first time in Ireland after it identified a huge demand for companies and professionals to refinance existing loans or buy new properties.

The National Asset Management Agency (NAMA) has selected Pepper Asset Servicing as its preferred bidder to provide services on the portfolio of personal loans, principally residential mortgage loans, which it may acquire from the liquidators appointed to IBRC.

The new owners of subprime lender, GE Money’s Irish loan book believe that homeowners need to be freed from debt prison.