Case Study: Quick Financing for Residential Development in Cork
In late 2023, Onate provided a loan facility of €546,250 to assist a borrower in purchasing a site with full planning permission for multiple residential units in Cork. The borrower offered a residential investment property as collateral.
The borrower needed to secure the site rapidly in a competitive market, where timing was critical to success, and the sales process which had been lengthy, needed to conclude quickly.
Loan Facility: Onate provided 59% loan-to-value (LTV) financing, covering €546,250 of the purchase price
Collateral Security: The borrower backed the loan with a residential investment property, allowing a higher loan to cost for the borrower
Speed of Execution: Onate’s ability to act swiftly ensured that the borrower could secure the site and move forward with development plans without delay.
The loan was successfully redeemed in early 2024, demonstrating Onate's capability to deliver fast and effective financial solutions, enabling the borrower to capitalise on a prime development opportunity.
This case study highlights Onate's proficiency in providing tailored and timely financial solutions, essential for developers needing to act quickly in a competitive market.
If you need a financial partner who can respond quickly and effectively to your development needs, contact Onate today.
Reach out to John Ring at john@onate.com / 087 830 5276, Michael Gavin at michael@onate.com / 085 145 4200 or Niall Hurson at niall@onate.com / 083 800 0227.
