GDP Property Fund Starting to Provide Solutions
Two weeks after the announcement of our commercial property fund of £50,000,000 I thought it would be important to advise you that we have received a number of very interesting proposals with regards to restructuring current facilities with other local institutions. As of today our office is working on a number of positions that collectively total up to over £20,000,000. What is absolutely clear in this climate is that property finance is still a dirty word and for the most part there is no debt markets in Ireland, North or South, and we have been advised this will continue for the short to medium term.
We hope to close out on our first refinance opportunity in the next number of weeks, and certainly from our clients' point of view, this is a tremendous result. GDP is at the forefront of solutions in this difficult time for the business community. Our bank mediation team are doing some terrific work helping borrowers settle with banks, and after only a couple of weeks with our new finance platform, the New Money team appear close to having some great success also.
I would like to thank our team of innovators internally for their recent efforts, and wish everyone a peaceful holiday period.