Loan approvals at Home Building Finance Ireland double in first half

Loan approvals at the State-backed lender Home Building Finance Ireland doubled in the first six months of the year, new data a shows, rising to €398 million as demand continued to grow.

HBFI said €1.32 billion had been drawn down to date, with an expected time lag of between three and six months between initial approvals and drawdowns. Loans range between €1 million and €108 million for a period of 22 months, with an average of €13 million. HBFI was set up by the Government to fund new homes. The State-backed lender for builders opened for business in January 2019 with an initial war chest of €750 million from the Ireland Strategic Investment Fund to fund the delivery of up to 7,500 new homes over five years.

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