Property entrepreneurs and investors in Cork looking for bridging finance will now be able to get loan finance for residential properties in a matter of days, thanks to new short term property lender Onate. Onate provides fast and flexible finance secured against residential investment property (‘Residential Bridging Loans’) for a term of up to two years, up to the value of one million euro, using modern technology solutions.
Since their introduction to the market in January 2021 and despite the COVID-19 pandemic, Onate has approved loans to the value of €2.2 million in Cork and €10.3 million across 20 counties in Ireland, with completions already at a rate of one per week.
In the last two months, loans have been approved across Munster and the rest of Ireland for various reasons including debt settlement, property purchase and light refurbishment and equity release. All of the work was completed remotely with Onate intending to continue this way of work as they grow.
Set up during the Covid-19 pandemic, founded by CEO Dan Gandesha and backed by Will Neale and Christian Faes, Onate are focused solely on residential investment bridging loans. Making the move with his family from the UK to Co. Kilkenny a number of years ago, Dan is joined at Onate by experienced staff, who have decades of industry experience between them. They include John Ring, Senior Lending Manager, who joined from Finance Ireland and Paul O’Sullivan, Senior Underwriting Manager, who joined from Cullaun Capital.
CEO Dan Gandesha, former CEO of the UK’s Fintech Property Partner said;
We started Onate during the Covid-19 pandemic and while this period brings unexpected challenges, things are still moving and progressing quite rapidly in the property industry. Since January of this year, we’ve approved loans totalling just over €10 million.
All over Ireland, large property funds hold houses on their books that could be returned to the mainstream owner occupier or rental markets, in order to assist with the housing shortage. But to do so, we need local property investors who understand how to resolve legacy issues associated with these properties. In turn, these local property investors need funding solutions that can handle complexity and move swiftly and this is exactly where Onate comes in.
We can approve a bridging loan in a couple of hours as all of our decision making is in-house and we can have funds with the borrower in a matter of days.
Onate’s lending is all B2B. The company doesn’t lend to individuals for regulatory reasons. If an individual comes to Onate, they have to set up an SPV (typically a new Limited Company) which becomes the borrower. Onate’s loans are for up to two years and can be paid back after 90 days without penalty.
About Onate (www.onate.com)
Onate empowers property entrepreneurs and investors by providing fast and flexible finance secured against residential investment property (‘Residential Bridging Loans’). The loans are for up to two years in duration and one million euro in value, with a fast process enabled using modern technology solutions.
Set up during the Covid-19 pandemic and founded by CEO Dan Gandesha, with backing from Will Neale and Christian Faes, Onate is the first Irish company focused solely on residential investment bridging loans. The three businessmen bring a wealth of UK experience to the Irish industry. Their credibility in the market has allowed them to hire experienced staff, who have decades of industry experience between them. They include John Ring, Senior Lending Manager, who joined from Finance Ireland and Paul O’Sullivan, Senior Underwriting Manager, who joined from Cullaun Capital.
Dan Gandesha, Co-Founder and CEO of Onate
Dan Gandesha is the founder of high-profile London based FinTech Property Partner, raising £28m of Venture Capital from Europe’s leading investors. Dan led the company as CEO from idea conception through Series B and beyond, and continues to support it as an NED.
Dan’s prior background is in finance and deal making across joint ventures, venture investing, commercial arrangements and mergers/acquisitions. Dan is a Chartered Accountant and Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW).
Dan lives in Co. Kilkenny with his family.
John Ring, Senior Lending Manager
John is a Member of the Institute of Bankers and a Qualified Financial Advisor. He has over 20 years lending experience having worked in several financial institutions across a broad range of sectors. John has significant experience in business and corporate banking, relationship, asset and wealth management and brings deep experience in relation to developing and maintaining client relationships.
John lives in Dublin with his family.
Paul O’Sullivan, Senior Underwriting Manager
Paul is a Fellow of the Chartered Accountants of Ireland and has fifteen years’ experience spanning the large pillar banks and alternative lenders in the Irish market. His experience includes residential, commercial real estate and development lending as well as corporate restructuring. Paul works closely with the CEO and Senior Lending Manager in both the underwriting and execution of loan facilities.
Paul lives in Co. Clare with his family.
Backing Onate is Will Neale, a deeply experienced operator, from founding through to IPO. This includes Fonix, a mobile payments and messaging platform with numerous blue chip clients which floated in 2020. Will is also a well-known and highly regarded figure within London’s investment community.
Also backing Onate is Christian Faes. Christian is co-founder and Executive Chairman of Lendinvest, the UKʼs leading marketplace for property finance and one of the UK’s fastest growing Fintech companies having lent over £3.5 billion.
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