The right bridging loan for the right client
Our decision making happens entirely in-house, meaning we move quickly and provide certainty; we’ve completed deals in just five days, and regularly close transactions in two to three weeks. We’re also very well capitalised, with three senior funding lines including from Natwest and Triple Point, plus a €100m Bond programme listed on the MTF operated by the Vienna Stock Exchange. Our experienced lending team can structure bridging loans on a bespoke basis, within the following parameters:
Lending type and location
We lend against residential, mixed use and commercial properties across Ireland and Spain.
We also lend against residential development sites as a bridge to sale or refinance. We don’t offer development finance, but light refurbishment with prior planning consents granted is acceptable.
Loan amount, LTV and term
Loans from €250k to €4m (larger loans considered), interest only and secured by a first charge mortgage.
Our loans are structured flexibly, with a term of up to 18 months, but can be repaid early without penalty after 90 days.
We lend up to 75% loan-to-value for prime locations, reducing based on the liquidity of the area.
Borrower and exit
The borrower must be a corporate vehicle, such as a limited company. We will consider loans with properties sitting outside the SPV, and can lend to newly incorporated companies.
Our loans are fast and flexible, allowing the borrower to seize the opportunity. Exit is typically selling the property or refinancing.
Your client relationship contacts
Juan Galobart Juste
Lending Director, Spain
Juan is based in our Madrid office and has deep experience across all aspects of bridge lending, having been involved with more than €300m / 100+ deals within Spain. Juan also holds a bachelor's degree in Economics from Universidad Complutense de Madrid. Juan can be contacted directly in relation to Spanish bridging opportunities on juan.g@onate.com.
John Ring
Lending Director, Ireland
John is a Member of the Institute of Bankers and a Qualified Financial Advisor. He has over twenty years lending experience having worked in several financial institutions across a broad range of sectors. John brings a wealth of experience in relation to developing and maintaining client relationships and can be reached directly on email at john@onate.com or by mobile at +353 87 830 5276.
Michael Gavin
Snr Lending Manager, Ireland
Michael is a member of the Institute of Bankers, and an Accredited Product Advisor. With nine years experience in the financial services industry, he has a strong track record of managing property portfolios and client relationships. Most recently Michael was in a commercial lending role with a large alternative lender. Michael can be contacted directly at michael@onate.com or on +353 85 145 4200.
How it Works
A: Initial information.
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.
B: 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’re willing to lend. After this we’ll require you to put us in funds to cover expenses including valuation and legal fees.
C: Valuer and solicitor instruction.
Immediately on receipt of funds, we’ll instruct the property valuation and our solicitors. We will also request any outstanding information on the borrowing entity and the persons that ultimately own it.
D: Legal process to completion.
Our solicitor can turn around a loan in just a few days, provided he has all the information he requires 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.
Bridging loan examples
Debt settlement
Funding of a settlement with a private equity fund, with the agreed strike price due within eight weeks.
Equity release
Funds required for a non-property business venture. The borrower used an investment property with no existing mortgage as security.
Residential auction purchase
The borrower had paid a deposit at auction, without completion funds in place. Loan provided for this purpose.
Pre'63 residential
A Pre'63 property with specific issues to remedy post purchase. Loan exit by refinancing after works complete.
Social housing
Purchase of multiple units which required refurbishment prior to planned execution of a local authority social housing contract.
Complex credit history
The bank's slow processes in relation to the borrower's credit history put the deal at risk. Deal funded within a tight timeframe.