Case Study: Bridging Finance of €600,000 Provided in Dublin

Several properties in need of light refurbishment

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Onate provided bridging loans of €600,000

In early 2021, a financial advisor introduced us to a borrower who was looking to build up a portfolio of residential assets in Dublin.

The borrower had identified a number of properties in the Dublin area that were in need of light refurbishment and he felt that he could add value by completing some minor repairs and modernising the units. Before approaching Onate, the borrower had already lined up an exit with a fund who were looking to acquire properties in turn key condition.

The borrower was already working in construction and his experience allowed him to quickly identify suitable properties that he could add value to. His background in completing refurbishments for other clients helped him to accurately forecast the time and the cost that would be involved in the project.

Onate stepped in and provided the initial bridging finance loan of €150,000. The vendor of the property was keen for a quick sale, and this allowed the borrower to purchase the property at what he believed was a discount on the market value.

 As this had worked so well, the borrower subsequently completed a further three loans with Onate. These have now all been repaid. The quick decision making followed by Onate quickly closing the transaction gave the borrower the confidence to keep Onate as his preferred lender and ensure that he can now quickly purchase any property that he identifies.