Case Study: Bridging Finance of €680,000 provided in Dublin

• Financing purchase of a residential investment property

• The loan has been refinanced within nine months

Late last year, Onate received an inquiry in relation to part-financing the purchase of a large detached property in County Dublin. The borrower successfully secured the property for €970,000 through an intensive private treaty bidding process with multiple interested parties.

As there was a time pressure relating to the completion of the property purchase, this did not allow the borrower time to obtain a term loan from a lender. The borrower's strategy was to use the Onate finance offering to secure the purchase of the property and then refinance the property with a longer term funding solution.

Onate provided a facility of €680,000 in order to allow the promoter to close out the purchase in a timely manner. After nine months, the loan has been refinanced to a mainstream bank lender on a longer term, with the full rental income being used to amortise the loan.