OVERVIEW
There is significant funding requirement to be addressed for the required delivery of social and affordable housing in Ireland. Based on Government’s targets, 16,000 social and affordable housing units per annum are required over the next 10 years at a total estimated cost of €60 billion. Outside of direct Government funding, €42 billion in senior debt funding will be required to deliver these units.
The Government’s Housing for All plan, published in September 2021 recognised that
"Non-State sources of funding will be crucial to the long-term success of Housing for All. International capital markets and private investment, both domestic and international, will play a key role."
The Housing Commission Report in May 2024 recommends (item 47)
"Reform capital funding of social and cost-rental housing to provide more stable and counter-cyclical funding for these sectors to:
a. ensure long-term financial sustainability;
b. reduce the volatility of funding for new housing;
c. provide long-term reliable capital to fund these sectors.
To achieve this:
a. the sources of finance for social and cost-rental housing must be diversified;
b. reliance on government grants and loans must be reduced and new sources of private and non-profit finance introduced."
There is a real need to increase and diversify the availability of senior debt funding to the social and affordable housing sector. Accessing the $150 trillion international institutional debt capital markets is the solution to this funding need.
DFinitive Capital is the only entity to facilitate this.
ABOUT DFINITIVE CAPITAL
DFinitive Capital is a capital markets specialist with industry leading data analytics capabilities. The team is made up of experienced treasury, capital markets, structured finance, and real estate corporate finance professionals.
We are well-positioned to advise on, structure, and provide cost-effective term funding backed by long term institutional debt investors including insurers, pension funds and asset managers. These investors are already significantly invested in social and affordable housing as an asset class.
We work with leading experts across law firms, ratings agencies, banking and payment services, trustees, and corporate service providers, to provide an integrated solution for clients.
DFinitive Capital acts as a financial Aggregator platform, providing funding to Approved Housing Bodies (AHBs) from the issuance of publicly or privately rated fixed income bonds.
This scalable, competitive, and sustainable international Debt Capital Markets solution for AHBs
- significantly diversifies funding;
- opens access to institutional debt investors;
- addresses critical housing needs;
- aligns with AHB and investor ESG goals; and
- reshapes the future for the financing of social and affordable housing in Ireland.
OUR UNIQUE VALUE PROPOSITION
DFinitive Capital with its debt markets experience, expertise and structure can deliver:
- Secured and Unsecured funding structures;
- Flexible funding and amortisation options;
- Range of maturities; up to 40 years;
- Competitive pricing;
- Financial covenant flexibility;
- Real funding diversification;
- Efficiency when fundraising; and
- ESG financing framework benefits
DFinitive Capital’s financial Aggregator platform will diversify the funding available for social and affordable housing, opening the door for AHBs to established institutional debt investors.
SENIOR MANAGEMENT TEAM
Paul Somers – Chief Executive and Executive Director
Paul is the founding director of DFinitive Capital. His background and expertise is across banking, treasury, capital markets and structured finance. His career has included senior roles at InCol Funding – a financial institution solutions business, Canaccord Genuity – an independent investment bank, Anglo Irish Bank, Smurfit Paribas Bank and the Industrial Development Authority (IDA). Paul’s particular experience includes the raising of debt finance in the banking and Debt Capital Markets, regulatory capital origination for European banks, credit risk management, structured and international financing transactions, and investing in bonds and other securities. He has also worked as a business development and corporate banking manager and as a portfolio manager for SMEs in Ireland.
Paul is a graduate of Trinity College, Dublin with a B.A. (Mod) in Mathematics.
Robert Murphy
Robert has over 20 years’ experience in real estate strategy, corporate finance, and investment management. He previously worked for Land Securities plc, the National Asset Management Agency (NAMA), Irish Life Investment Managers, and commercial agency firms structuring, and executing transactions in different European markets across complex credit and investment cycles and investor dynamics.
Robert is a Chartered Accountant with a BA (Hons) in Accounting and Finance.
Colm Ryan
Colm has over 30 years’ experience in financial markets both domestically and internationally, most recently as Head of Fixed Income at Goodbody Stockbrokers in Dublin. His range of experience covers structuring asset backed securities, derivatives and structured credit as well as Debt Capital Markets. Colm has held leadership positions at Royal Bank of Scotland and Goldman Sachs, having previously held a senior sales role at Deutsche Bank in structured products. He started his career as a graduate trainee at Kleinwort Benson trading securities.
Colm studied Accounting at now ATU in Sligo and holds a LLB (Hons) from Griffith College.
Ronan White
Ronan’s career in financial services in Dublin and London covers banking, treasury, capital markets and debt investor relations. Prior to DFinitive Capital he worked with InCol Funding, National Australia Bank in London, Anglo Irish Bank (Dublin and London), the Woodchester Group (GE Capital) and AIB Group, in senior roles across treasury, investor relations, business development, communications and marketing, and corporate banking. He is Non-Executive Chairman of Moneycorp Technologies Limited, Non-Executive Director of Deutsche Leasing (Ireland) DAC (both Pre-approved Control Functions by Central Bank of Ireland) and also serves as Vice Chair of Progressive Credit Union.
Ronan qualified as a Chartered Accountant with KPMG. He is a graduate of University College Dublin with a BComm and holds the FT NED Diploma.