Case Study: Bridging Finance of €2m Provided in MidWest

Equity release and refinance for several properties

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Onate provided bridging loan for €2m

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10 day closing achieved

Earlier this year, a financial advisor introduced us to the prospect of financing the purchase of a trading pub, refinancing short term debt and releasing equity for a client secured against residential properties and several pubs. These were owned by the promoter and were going to be converted into residential properties.

The promoter was in the process of going through a much larger refinancing of his properties with another lender. This was a large and complex transaction that the promoter anticipated would take a number of months. In the meantime, the opportunity came up to purchase a prominent pub in the Midwest. The promoter also had short term debt secured against a number of residential properties that he needed to repay before the larger loan would be ready to complete. They also wanted to release some equity to complete some other development projects.

Onate stepped in and provided the bridging finance of €2m to allow the borrowers purchase the trading pub, repay short term debt and release equity to complete the development projects.

This transaction was completed in 10 working days. The quick turnaround time ensured that the promoter did not miss out on the purchase of a well-known pub in the mid-west. It also allowed them to repay the short term debt before the facility expired and release equity that allowed him to complete other development projects.