Specialist Property Finance. Borrower Guide. Updated 6th Sept T: E: W: InitiativeIreland.

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1 Specialist Property Finance Borrower Guide Updated 6th Sept 2018 T: E: W: InitiativeIreland.ie/borrow

2 Initiative Ireland Supporting your success We re committed to providing fast, flexible property finance to experienced property developers. With Initiative Ireland, borrowers can access a diverse source of finance; securing affordable property loans, financed by our private and corporate clients. As a specialist finance provider, we aim to offer competitive finance, with flexible terms, combining financial innovation with property expertise. PRICE LEADER Rewarding Experienced Developers We provide finance to developers who have a proven track record and experience with similar scale projects and investments. QUICK PROCESS Streamlined Operations We work with you in preparing your application and offer quick assessment, closing and stage payments. PROFESSIONAL MANAGEMENT We manage each loan from end-to-end We work alongside our panel of trusted partners, to manage each loan from start to finish. While the funds may come from a syndicate, our borrowers have a single point of contact from start to finish, via Initiative Ireland. Fair & Flexible We provide competitive finance products inclusive of: Development Finance Bridging Loans Exit Finance We provide loans with a maximum Loan to Value of 75%, for terms of up to 2 years within the Irish Market. We provide property loans to companies exclusively. We do not finance consumer or owner occupied properties. All loans are secured with a first legal charge over the property. If you, or one of your clients, has a financing requirement you would like to discuss, contact us on: (Mon to Fri, 9am to 5pm) T: E: borrow@initiativeireland.ie W: InitiativeIreland.ie/borrow

3 T: E: W: InitiativeIreland.ie/borrow Development Finance Finance provided to special purpose vehicles (SPV), for the construction of residential or mixed use properties, where the promoter has previous experience of similar projects. Key Features Purpose Development of residential or mixed purpose property with full planning permission in place. Acquisition finance may be included. Max Loan 10,000,000 Loan Term Max 24 Months Min Loan 500,000 Facility Fee 2% Max Loan to Value 75% Exit Fee 1% - 2% Max Loan to Cost 80% Annual Interest Rate 7% - 9% Drawdown Subject to certification of ongoing works by our monitoring surveyor. Primary Security 1 st legal charge over the property. Secondary Security Share charge over the SPV company as standard and a fixed and floating over the SPV. Please Note: Finance is available to companies only. Loans are unregulated and available subject to lending terms and conditions. If you fail to make repayments on your loan your property could be at risk.

4 T: E: W: InitiativeIreland.ie/borrow Exit Finance If you have a development project that has completed or reached near completion, Exit Finance enables you to replace higher cost development finance with a flexible, low-cost loan. With flexible early exit options, it is ideal for final stages of existing residential developments. Key Features Purpose Development of residential or mixed purpose property with full planning permission in place. Acquisition finance may be included. Max Loan 5,000,000 Loan Term 12 Months Min Loan 1,000,000 Facility Fee 1% - 2% Max Loan to Value 75% Exit Fee 1% - 2% Max Loan to Cost 80% Annual Interest Rate 7% - 9% Primary Security 1 st legal charge over the property. Secondary Security Share charge over the SPV company as standard and a fixed and floating over the SPV. Please Note: Finance is available to companies only. Loans are unregulated and available subject to lending terms and conditions. If you fail to make repayments on your loan your property could be at risk.

5 T: E: W: InitiativeIreland.ie/borrow Bridging Finance Short-term finance provided to companies, secured with a first legal charge over Irish Real Estate. Finance may be provided to facilitate the acquisition of property, generate short-term cash flow or fund works on a site prior to further development and refinance. Residential, mixed-use or commercial property may be assessed. Key Features Purpose Short-term finance or bridging loan. Max Loan 5,000,000 Loan Term 1-12 Months Min Loan 500,000 Facility Fee 2% Max Loan to Value 75% Exit Fee N/A Max Loan to Cost 80% Monthly Interest Rate 1% - 1.5% Primary Security 1 st legal charge over the property. Please Note: Finance is available to companies only. Loans are unregulated and available subject to lending terms and conditions. If you fail to make repayments on your loan your property could be at risk.

6 Further Information T: +353 (0) E: W: Initiative Ireland Limited, NovaUCD, Belfield Innovation Park, UCD Belfield, Dublin 4 Initiative Financial Services Limited, t/a Initiative Ireland is a private limited company registration number Initiative Ireland is an exclusive partner of Initiative Ireland Nominees Limited, which is authorised by the Department of Justice and Equality of Ireland as a Trust and Company Service Provider. Initiative Ireland is a partner of MANGOPAY, a limited liability company incorporated in Luxembourg (Number B173459) and approved as an electronic money institution by the Financial Sector Regulator (CSSF), Luxembourg. Initiative Ireland is a Data Controller registered with the Data Protection Commissioner of Ireland, registration number 16237/A. Initiative Ireland is headquartered at NovaUCD, Belfield Innovation Park, UCD, Belfield, Dublin 4, Ireland. Initiative Ireland is a registered trademark. For further information, including terms of business which apply, please visit