NORTH AND NAMA:DEVELOPERS AND contractors in the North have been warned to get business plans ready for the National Asset Management Agency (Nama) because the agency could start to examine asset-related loans in Northern Ireland as early as next month.

The Construction Employers Federation (CEF) believes that up to 200 individuals and businesses could be affected by Nama in the North, and it is urging the local industry to take proactive measures.

John Armstrong, CEF managing director, said that although the outlook for Northern Ireland developers and contractors is still very uncertain he is reassured that Nama will also have the working capital to develop sites.

“Nama will be taking a very commercial approach so any development sites that they see are viable they will be prepared to fund to allow works to be completed,” Mr Armstrong said.

The CEF recently organised a “Preparing for Nama” seminar in Belfast in conjunction with business advisory firm Grant Thornton.

Michael Neary, a corporate finance partner with the firm, said Northern Ireland-based business could not afford to “sit on their hands” because of the potential impact the agency could have on their operation.

“Time is now critical, and it is incumbent on property developers in Northern Ireland to focus, prepare and plan in the expectation that local development loans could be part of the second tranche of loans to be bought from the participating banks in the next few months,” he added.

Mr Neary said there was surprise that none of Northern Ireland’s property developers featured in Nama’s first tranche of loans.