Merrill Lynch and Irish Life & Permanent have formed a joint venture to sell specialist residential mortgage loans in the Republic of Ireland.
The joint venture will be named Springboard Mortgages and will be offering products and services to third party mortgage intermediaries. Springboard will have its own staff and management team, based in Dublin.
Denis Casey, chief executive of Irish Life & Permanent’s banking subsidiary, Permanent TSB bank, says: “The specialist lending market in Ireland will account for up to 4bn Euros in loans within the next four to five years, which is a fourfold increase on its current value.
“This is an important sector of the market in Ireland and as the market leader in mortgages, we intend that this joint venture company will take a leadership position in this sector.”
Shane O’Sullivan, chief executive of Springboard Mortgages, adds: “The specialist market in Ireland is underdeveloped because so few companies have focused on it to date.
“We’re confident we can offer additional opportunities for both mortgage borrowers and intermediaries through out product and service offering.”