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Caution around lending among the major banks has created the opportunity for more alternative lenders to enter the Irish real estate market, particularly as property developers and landlords look for faster execution, according to Hilco Real Estate Finance Managing Director Stephen Lillis.
Hilco Real Estate Finance launched a Dublin office this autumn, representing Hilco Global’s debut in the Irish market, and the company is initially offering both residential and commercial bridge loans, with new lending products promised for 2026.
HREF’s offer is based on short-term bridging loans for growth initiatives, acquisitions, development exits and refinancing, with loan sizes ranging from €2M to €100M-plus across asset classes.
The firm has already completed a number of transactions, including lending on the Kogreg portfolio of 14 residential properties across the south of Ireland.
Two further deals completed in early December. HREF closed a €4.5M loan secured against a 39K SF office building located at Dublin’s EastPoint Business Park, currently fully let to a multinational technology company. The borrower, a specialist property investment fund, has secured a 24-month term, which will be used to refinance an existing facility.
It also closed a €1.54M loan secured against three residential properties in Dublin 2 near St Stephen’s Green, slated for private market rental. The 12-month facility will be used to fund the borrower’s acquisition of an additional investment property.
Led by Lillis, Head of Origination Eamon O’Rourke and Originator Colm O’Sullivan, the company operates out of an office on Fitzwilliam Square, with a wider underwriting and back-office team based in London.
“For bridging loans, we are typically talking about six- to 24-month facilities because, by their nature, they are short-term products; however, for other loans, we’re looking at three to five years,” Lillis said.
While the early deals have mainly focused on the residential market, Lillis said the company is open to lending across asset classes, including both standing assets and developments, for what he described as well-located, strong-occupancy and high-demand sites.
“The domestic banks have been very cautious around lending to real estate, and as a result, there has been an increasing adoption of alternative lending platforms. We’re focusing on what we see as locations and assets with strong fundamentals because we want to be a good, long-term partner for developments and investments looking for finance,” he added.
He also stressed that alternative lenders were typically in position to make far quicker lending decisions and said such providers were also more able to take a flexible view when considering an asset on its own merits — even the troubled secondary office market.
“We have seen some big drops in office valuations, and, while modern, well-tenanted offices are obviously appealing, we can also assess each asset and consider its rent, location and occupier demand,” he said.
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