Property entrepreneurs and investors looking for bridging finance will now be able to get loan finance for residential properties in a matter of days, thanks to new short term property lender Onate. Onate provides fast and flexible finance secured against residential investment property (‘Residential Bridging Loans’) for a term of up to two years, up to the value of one million euro, using modern technology solutions.
Since their introduction to the market in January 2021 and despite the Covid-19 pandemic, Onate has approved 29 loans to the value of €10.3 million across 20 counties in Ireland, with completions already at a rate of one per week.
In the last two months, loans have been approved across the Kildare, Dublin, Galway and Munster regions for various reasons including debt settlement, property purchase and light refurbishment and equity release. All of the work was completed remotely with Onate intending to continue this way of work as they grow.
Set up during the Covid-19 pandemic, founded by CEO Dan Gandesha with backing from Will Neale and Christian Faes, Onate are focused solely on residential investment bridging loans. Making the move with his family from the UK to Co. Kilkenny a number of years ago, Dan is joined at Onate by experienced staff, who have decades of industry experience between them. They include John Ring, Senior Lending Manager, who joined from Finance Ireland and Paul O’Sullivan, Senior Underwriting Manager, who joined from Cullaun Capital.
CEO Dan Gandesha, former CEO of the UK’s Fintech Property Partner said; “We started Onate during the Covid-19 pandemic and while this period brings unexpected challenges, things are still moving and progressing quite rapidly in the property industry. Since January of this year, we’ve approved loans totalling just over €10 million.
All over Ireland, large property funds hold houses on their books that could be returned to the mainstream owner occupier or rental markets, in order to assist with the housing shortage. But to do so, we need local property investors who understand how to resolve legacy issues associated with these properties. In turn, these local property investors need funding solutions that can handle complexity and move swiftly and this is exactly where Onate comes in.
We can approve a bridging loan in a couple of hours as all of our decision making is in-house and we can have funds with the borrower in a matter of days.”
Onate’s lending is all B2B. The company doesn’t lend to individuals for regulatory reasons. If an individual comes to Onate, they have to set up an SPV (typically a new Limited Company) which becomes the borrower. Onate’s loans are for up to two years and can be paid back after 90 days without penalty.