Case Study: Bridging Finance of €300k provided within 6 days

In July 2022, Onate was approached by a well-known property developer with an opportunity to bridge the purchase of an investment property in Dublin, with an additional unencumbered investment property being provided as additional collateral.

The investment property was being purchased through an online auction. The closing date for the auction property was a little over a week away and because of this, the Borrower was at risk of losing out on the property as well as their deposit. Knowing Onate’s reputation for transactional speed and certainty, they contacted us directly to discuss their funding requirement. 

Onate acted quickly and indicative terms were issued to the Borrower that same day. Terms were quickly agreed with the Borrower and Onate’s experienced execution team kicked into action, immediately instructing our panel solicitor and valuer. A call with all parties was held within 24 hours of instruction with both sets of solicitors, and within 48 hours, our valuer had provided Onate with valuation reports for both properties. 

With all parties focused on the closing date, Onate was in a position to provide a facility for €300k within 6 days of terms being agreed. The Borrower completed the purchase of the auction property within the specified timeline, and immediately set to work carrying out light refurbishment works on the property.

Once that property was finished and tenanted, the Borrower was in a position to refinance the Onate facility with an alternative lender over a longer term.