NAMA can lend to finish property projects

THE interim managing director of NAMA (the National Asset Management Agency) has revealed it will act as a specialist bank and in some cases lend money to help complete unfinished properties.

Brendan McDonagh said in certain circumstances it will have the ability to provide cash or take charge of projects if it believes this would maximise the return for taxpayers.

The legislation allows it to do so if it needs to fit out buildings which are almost completed or carry out work on land in danger of becoming derelict.