M&G-backed development finance lender has supported more than 5,000 social, affordable and private homes, as well as student accommodation, since its launch in 2021.

Ardcairn Capital has marked five years in business by announcing that it has deployed €1bn in new lending across the Republic of Ireland.

The specialist development finance lender, backed by M&G plc, has supported the delivery of more than 5,000 social, affordable and private homes, as well as purpose-built student accommodation.

As it looks to increase its activity nationwide, Ardcairn is establishing a permanent base at Horgan’s Quay in Cork city. The new office reflects growing demand and a strong pipeline of opportunities across Munster.

It will accommodate a dedicated lending and portfolio management team, providing developers across the region with direct access to locally based decision-makers throughout the financing and delivery process. The Cork base will also provide a platform for further growth as Ardcairn expands its national team.

The company has strengthened that team with the appointment of Dan Murphy as Director of New Lending. Formerly of EY and Activate Capital, Murphy will lead new business activity across residential development and purpose-built student accommodation, working directly with developers and their professional advisers nationwide.

Murphy will lead the Cork office, where Michelle Morgan will also take up the role of Portfolio Manager.

Since its launch in 2021, Ardcairn has developed a particular focus on supporting SME developers and projects delivering social, affordable and private homes, alongside student accommodation.

Its financing ranges from €5m upwards and can cover between 60% and 90% of overall project costs. The lender works across the development market, from small and medium-sized projects to large, multi-phase housing schemes and capital-intensive, high-density apartment developments.

Daire McCarthy, CEO of Ardcairn Capital, said: “Deploying €1 billion since launch is a clear marker of the role Ardcairn now plays in Ireland’s residential development finance market. Behind that figure are more than 5,000 social, affordable and private homes, as well as student beds, supported across the country, and a lending model built around sector knowledge, speed of decision-making and flexibility for developers.

“We are delighted to welcome Dan to the team as we continue to build our national lending platform and establish a permanent presence in Cork. The new office reflects increased activity across Munster and gives us a base to work more closely with developers in the region, while creating a platform for further hiring as the team grows.

“Dan’s experience across development finance, combined with his market knowledge and strong relationships across the sector, will be invaluable as we support more residential-led and PBSA projects nationwide.”

Dan Murphy, Director of New Lending at Ardcairn Capital, said: “Ardcairn has built a strong reputation for backing experienced developers with practical, flexible funding solutions that reflect the realities of delivering housing in Ireland.

“The continuing capital required to deliver Ireland’s housing targets results in strong demand for specialist lenders who understand the market, move quickly and work closely with developers from origination through to delivery.

“I’m looking forward to working with Daire and the wider Ardcairn team to scale our national lending activity and support more residential and PBSA projects across the country.”

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