ICS Mortgages has launched a bridging loan product, heralding a return of a short-term lending offering that vanished across the Irish market in the wake of the crash.
“While bridging lending is a competitive segment in other jurisdictions like the UK, the exceptionally low risk tolerance of the Irish banks means that home movers have been starved of this particular credit option,” said John Cronin, a banking analyst and author of online newsletter Financials Unshackled. “It is very pleasing to see that ICS is taking the initiative to launch this much-needed product to facilitate Irish home movers.”I’m an expert in headlines that start with ‘I’m an expert’.
“This product will help unlock the potential of the second-hand housing market, making it easier for people to transition between homes and for investors to bring more refurbished properties to the rental market.” ICS Mortgages said it mortgage brokers and estate agents have reported strong demand for bridging products. It said the product will ease the bottleneck in the second-hand housing market, facilitating smoother transitions for those looking to change homes and contributing to a more dynamic and accessible property market.