Our Lending Process and How It Works
Updated February 2022
At Onate, we specialise in completing property bridging loans at a fast pace.
Our decision making happens entirely in-house, meaning we move quickly and provide certainty. We’ve completed loan drawdowns in just seven days, and regularly close transactions in two to three weeks.
Our loan appetite ranges from €150k to €4m, secured by a first legal mortgage charge. We have a minimum interest period of just 90 days, redemption thereafter does not incur exit fees.
Whether it’s loans for debt settlements, equity release, residential auction purchase, Pre ’63 residential, social housing or borrowers who have a complex credit history, we provide fast and flexible finance for a term of up to two years. We also provide bridging finance on sites with planning permission for primarily residential developments.
We lend up to 75% loan-to-value based on property type and location and we can lend nationally.
Here’s how the process works:
Contact our Team
Contact our lending team on +353 (1) 697 2588, or complete our application form and email it to us at hello@onate.com. If the loan meets our lending criteria, we’ll provide an immediate indication of our terms by email.
Agreement in Principle
Within one working day of receiving your request to proceed, we’ll produce an agreement in principle confirming in further detail the terms and conditions on which we are willing to lend.
Once Fee Paid
We receive formal credit approval and instruct our valuer and solicitor. We will also request any outstanding information on the borrowing entity and the persons that ultimately own it.
Legal Process to Completion
Our solicitors can turn around a loan in just a few days, provided they have all the information they require on the property. It is important your solicitor provides this information quickly, and is generally familiar with short term property finance. We can then send the funds to our solicitor for completion.
Steps to ensure the transaction moves smoothly:
Engage your Solicitor and ensure the property Deeds and associated information pack are sent to our solicitor immediately. It means our solicitor can raise any questions early
Your Accountant or Solicitor will need to set up an SPV (Special Purpose Vehicle). This is neither complex nor costly and can be set up within a couple of days
All-Party Call with Solicitors where the deadlines are agreed
Arrange access for our Valuer to be able to view the property early. The report can be turned around within five days
Speak to your Insurance broker and get the relevant I.D. and Utility Bill certified by your solicitor. Doing this early avoids any unnecessary delay to closing.
Provided the above steps happen swiftly, Onate will be able to complete the loan in short order. We’re here to help you, and move the transaction along as quickly as possible.
