US fashion retailer American Apparel has filed for bankruptcy for the second time in a year. As business around the world starts to wind down, only one UK store in Camden, London, will stay open in the short term.
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Dublin is currently attracting first-time buyers looking for residential properties. According to the website Daft.ie, Dublin and the surrounding counties are the most apprised because of the availability of a bulk of new properties that are fit as per requirements for these types of buyers. The website has managed to reach this conclusion after thorough analysis.
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The ill health of the Irish housing market is persisting. Residential property prices are relentlessly spiking since the last years and 2017 does not bode well for buyers.
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As the property market continues crashing in Northern Ireland, Lone Star, a private equity firm based in the United States (US) is the first establishment to engulf the Irish mortgages. Since the mortgage crisis started to be felt in 2012, Lone Star dedicated over €5 billion to acquire Irish properties. The firm equally had to create a specific company under the name of European Residential Loan Securisation 2016-1 DAC to deal with the sum of €563.9 million representing loans granted by the Irish Nationwide Building Society. Nonetheless, this investment is taking a nightmarish turn.
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In this time of mortgage and loan instability in Ireland, data can help the government make decisions to bolster the failing economic climate. Unfortunately, the Central Bank of Ireland does not have data. The number of business loans that have been sold out to so-called “vulture” funds is completely unknown.
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New demand for property by first-time buyers is expected to drive market growth in the coming year. Real estate agents are expecting a rise of nationwide following the new regulation changes.
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The state of confusion is prolonging itself in Northern Ireland. Recovery signs of the Irish economy- published recently in a report by the Central Bank- may be perceived as being merely superficial as massive mortgage arrears are gangrening the financial system and the lives of thousands of families. As such, out of the total amount of €11.5 billion representing mortgage arrears as a whole, more than €7.82 billion have exceeded two years. In the same breath, some 35,000 families may be kicked out of their homes.
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Plans to buy up to €100m in Irish mortgages from Pepper Asset Management ended with Permanent TSB (PTSB) pulling out of the talks, leaving Pepper needing to find a new buyer for part of their €600m portfolio.
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Australian financial services company, Pepper, is now selling mortgages directly to the Irish homebuyer market. As at November 2016, the global company has released its home, car and personal loan portfolio as part of the Irish lending market.
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In a document submitted to the Oireachtas finance committee, Ulster Bank reports that their new mortgage lending has increased by 49 percent. This follows on the Central Bank’s loosened rules on lending.
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