1 July 2022
By Elaine Murphy
Short term property lender Onate has issued terms on over €19,141,700 worth of loans in Cork in its first 14 months of trading. These loans cover a variety of uses, including;
Funding debt settlements where legacy debt was purchased by investment funds
Releasing equity in property to cover a number of uses, including purchasing other properties.
Supporting borrowers who are purchasing investment properties that need some light refurbishment works before being rented out or sold.
Onate provides fast and flexible short-term finance on residential and mixed-use investment property (‘Property Bridging Loans’) from €250k to €4m using modern technology solutions. This allows property entrepreneurs and investors to obtain finance in generally two to three weeks, rather than two to three months.
CEO Dan Gandesha said:
“We’re delighted to be providing much needed lending services in Cork as the demand for properties continues to increase. Onate’s focus is on providing funding to borrowers who need it quickly to bridge them from one event to another. That event is typically an auction purchase, equity release or debt settlement.”
Onate’s credit function and decision making is entirely in-house, allowing loans to be provided much more quickly than other property lenders. Onate only lends to companies or corporate structures such as Special Purpose Vehicles (SPVs). When an individual comes to Onate, they can easily set up their own SPV which becomes the borrower.
The Onate team is based across Ireland and has grown to seven in recent months. Founded by CEO Dan Gandesha in March 2021, and with backing of experienced UK investors Will Neale and Christian Faes, Onate has issued loan terms across Ireland and has become well known in the bridge lending sector since March 2021.