Lotus Investment Group, a Dublin-based investment firm funded by high net worth American investors says it has funds of over €100m available to invest in the construction sector in Ireland, and specifically in house building.

Lotus, which says it funded projects to the value of €25m last year and €40m for the year to date, specifically targets developers who are completing so called “ghost estates” or building new developments in the commuter belts around the country’s main cities, regardless of their credit history.

Typical-sized loans, which are not subject to regulation, range from €250,000 to €5m and attach a double-digit rate of interest.

Meanwhile the strong rebound in construction activity here slowed somewhat in July, though it continues its upward momentum. 

The latest Ulster Bank Construction Purchasing Managers’ Index dropped to 59.1 last month compared to 65.7 in June. Any number above 50 indicates growth in the sector, while job numbers in construction rose for the 23rd month in a row.