Relm Finance had loans worth almost €199m past repayment dates at the end of 2025
Relm Finance recorded more than €600 million of outstanding loans at the end of last year, with almost €199 million of loans past their redemption dates. The alternative lender, set up in 2017 by former AIB executive Paul Dowling, has deployed €1.55 billion in loans across 325 deals since it was established. Several of its lending platforms advanced loans in recent years to a fund managed by Mel Sutcliffe’s Quanta Capital and property ventures that were linked to Press Up co-founders Paddy McKillen jnr and Matt Ryan. Newly published financial statements by five firms controlled by Relm Finance show their total balance of outstanding loans was €609.9 million at the end of 2025, down from €698.9 million the previous year. The firms recorded €207.4 million of loan repayments in the year, and €115.6 million of new drawdowns. Three of Relm’s vehicles also reported a combined €198.9 million of loans as past their redemption dates at the end of 2025, up from €174.9 million at the end of 2024. An additional €12.5 million in interest is owed on the loans past redemption. Directors for each Relm Finance firm said they expect to recover “the full outstanding amount in due course”. Relm Loan Opportunities 3 reported the largest overdue balance at €78.1 million, while Relm Loan Opportunities 2 said all of the €59.9 million of loans it issued were now past their repayment dates. Accounts for Relm Loan Opportunities 4 said €60.9 million of its €69.9 million portfolio was past the redemption date. Each of the three firms, which did not identify the borrowers linked to the overdue loans, said they have “taken steps” to recover the outstanding balance. In the past two years, these Relm Finance lending vehicles have appointed receivers to firms controlling notable Irish office, hotel and hospitality properties. In November 2024, the lender appointed receivers over 27 properties, including the building housing the Israeli embassy on Shelbourne Road in Ballsbridge and 58 Northumberland Road, linked to Sutcliffe’s Quanta Capital. The properties were controlled through a sub-fund of Goldstein Property ICAV, an investment vehicle managed by Quanta Capital, which subsequently sued Relm Loan Opportunities 2, 3 and 4 in February. Goldstein sought an injunction to prevent the receivers from selling the properties and disputed the amount needed to redeem the loans. The courts refused the application, and Goldstein later sought an appeal in July. In March 2025, both Relm Loan Opportunities 3 and Relm Loan Opportunities 4 appointed receivers over close to a dozen real estate assets that were linked to McKillen jnr at the time. Only the real estate assets, and not the businesses trading from the premises, were part of the process initiated by Relm Finance. Properties involved in the receivership included the building that previously housed Topshop on St Stephen’s Green in Dublin, Ashton’s in Clonskeagh and The Foxhunter in Lucan. The receivers subsequently took control of some Dublin office buildings used by Paddy McKillen jnr’s Grafter business, and the businessman sued them, alleging they did so unlawfully. In January 2026, the High Court was told that five sets of proceedings arising from the receiverships had been resolved. The parties agreed that the cases, including actions brought by McKillen jnr and several companies linked to him, would be struck out. Some of the assets linked to McKillen jnr that were placed into receivership, including The Butler Arms Hotel in Co Kerry and a building in Temple Bar that previously housed the Vintage Cocktail Club, have been sold by receivers appointed by Relm Finance. The accounts for the three Relm Finance firms, which reported a combined €198.9 million of loans past repayment dates, said that post year-end €13.7 million of the amount owed was received. Spokespeople for Relm Finance and Sutcliffe declined to comment. A spokeswoman for McKillen jnr did not respond to a request for comment.