New company aims to front peer-to-peer building loans
A new peer-to-peer lender aims to help bankroll property development in Ireland by facilitating loans of between €150,000 and €5m to finance construction projects.
The company, Intravia Capital, was founded by engineer James Corcoran, who is its chief executive.
Intravia's website, which is still under development, says its chief operating officer is Noel Harrington. Earlier last week, it listed Ken Keehan as its chief commercial officer.
Mr Harrington is a former branch manager in Limerick with the now-defunct Irish Nationwide Building Society.
Mr Keehan once worked for Anglo Irish Bank, dealing with wealthy clients in the south-east, before moving to Ulster Bank in 2007. His profile appeared to have been removed from the website by early last week, however.
Mr Harrington was the former manager at the Irish Nationwide branch at Cruise's Street in Limerick.
Intravia says it plans to offer lending opportunities, with a minimum subscribed capital of €2,500 from lenders.
"What is different with Intravia Capital is that it will be run and managed by professionals in the construction industry, together with experienced financial professionals, all under one roof," the newly founded firm says on its website.
It adds: "Our policy is to seek out the 'niche' quality development market, with experienced developers, who can deliver quality development that can provide a fair return for all stakeholders."
The company claims that it will seek returns of more than 5pc for low-risk lending, more than 7.5pc for medium-risk, and more than 11pc for high-risk lending.
Mr Corcoran did not return calls seeking comment on Intravia.
He is also involved in CEA Architects and is a director of two firms which are currently strike-off listed at the Companies Registration Office.