Arrow Global unit Maslow enters Irish property bridging finance

Maslow Capital, a UK-based real-estate lender owned by asset manager Arrow Global, has launched a bridging loan business in the Republic, mainly targeting Irish special purpose vehicles and overseas buyers of property in the State.

The Irish team, led by commercial property lending specialists Mark Collins and Frank Daly, has completed its first deal, comprising a €980,000 loan to allow a client complete the purchase of a four-bedroom apartment in central Dublin, the firm has said.

The client is an Irish national who lives overseas that used a special purpose vehicle (SPV) to complete the transaction, with the property purchased as a buy-to-let investment for a corporate tenancy.

The financing was executed in 12 days from application to completion, said Maslow, which is a sister company to loan servicing company, Mars Capital, which is also under the Arrow umbrella. It is understood that Mars, which services about €9 billion of Irish assets, including non-performing loans acquired by overseas investment firms in the wake of the financial crisis, will provide administrative support to Maslow.

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Maslow, which has funded the equivalent of €5.9 billion of UK property finance transactions since it was set up in 2009, sees Irish SPVs, offshore companies and foreign nationals as its main target market for the Irish business. Bridging loans are quick turnaround, short-term solutions to get a deal over the line but are ultimately refinanced with a more permanent source of funding.

The firm is open to funding the likes of residential investment units, office, hospitality, industrial and development property, with loan sizes ranging from €300,000 to more than €10 million.

Maslow’s loan is part of “an ambitious vision to expand across selective European countries” after Arrow Global completed its takeover of the company last month, it said.

“This transaction represents a great first deal for Maslow in the Irish marketplace. Arrow has huge ambition for Ireland and our proposition is strong and compelling. We look forward to bringing it to many more businesses and customers,” said Bryan O’Connor, commercial director at Arrow Ireland.