New Irish start-up approves Cork residential bridging loans totaling over € 2m in first two months of 2021 – Cork Safety Alerts


Cork real estate entrepreneurs and investors looking for bridge financing will now be able to secure a loan for residential properties within days, thanks to new short-term mortgage lender Onate. Onate provides fast and flexible secured financing against residential investment property (“residential bridging loans”) for up to two years, up to a value of one million euros, using modern technological solutions.

Since their market introduction in January 2021 and despite the COVID-19 pandemic, Onate has approved loans worth € 2.2 million in Cork and € 10.3 million in 20 counties in Ireland, with completions already at the rate of one per week. .

In the past two months, loans have been approved across Munster and the rest of Ireland for a variety of reasons including debt settlement, property purchase and light refurbishment and freeing up of equity. All work was done remotely, with Onate intending to continue this way of working as they grew.

Created during the Covid-19 pandemic, founded by CEO Dan Gandesha and backed by Will Neale and Christian Faes, Onate focuses solely on residential investment bridging loans. Having moved with his family from the UK to County Kilkenny several years ago, Dan is joined at Onate by experienced staff with decades of industry experience. They are John Ring, Senior Lending Manager, who is from Finance Ireland, and Paul O’Sullivan, Senior Underwriting Manager, who is from Cullaun Capital.

CEO Dan Gandesha, former CEO of Fintech Property Partner in UK, said;

We launched Onate during the Covid-19 pandemic and while this period brings unexpected challenges, things are still moving and progressing fairly quickly in the real estate industry. Since January of this year, we have approved loans totaling just over 10 million euros.

Across Ireland, large real estate funds are holding houses on their books which could be returned to primary homeowners or rental markets to alleviate the housing shortage. But for that to happen, we need local real estate investors who understand how to address the legacy issues associated with these properties. In turn, these local real estate investors need financing solutions that can handle complexity and move quickly and that’s exactly where Onate comes in.

We can approve a bridging loan in a few hours because all of our decision-making is internal and we can have funds with the borrower within days.

Onate’s loans are all B2B. The company does not lend to individuals for regulatory reasons. If an individual comes to Onate, he must create an SPV (usually a new limited company) which becomes the borrower. Onate loans have a maximum term of two years and can be repaid after 90 days without penalty.

About Onate (www.onate.com)

Onate empowers entrepreneurs and real estate investors by providing them with fast and flexible financing guaranteed against residential investment property (“residential bridging loans”). The loans have a maximum term of two years and a value of one million euros, with a rapid process made possible by modern technological solutions.

Founded during the Covid-19 pandemic and founded by CEO Dan Gandesha, with support from Will Neale and Christian Faes, Onate is Ireland’s first company focused solely on residential investment bridging loans. The three businessmen bring a wealth of British experience to Irish industry. Their credibility in the market has allowed them to hire experienced staff who have decades of experience in the industry. They are John Ring, Senior Lending Manager, who is from Finance Ireland, and Paul O’Sullivan, Senior Underwriting Manager, who is from Cullaun Capital.

Dan Gandesha, co-founder and CEO of Onate

Dan Gandesha is the founder of FinTech Property Partner, a leading London-based partner, which has raised £ 28million in venture capital from major European investors. Dan has led the company as CEO from Idea Concept to Series B and beyond, and continues to support it as NED.

Dan’s previous experience is in finance and dealing with joint ventures, venture capital investments, business arrangements and mergers / acquisitions. Dan is a Chartered Accountant and a Fellow of the Institute of Chartered Accountants of England and Wales (ICAEW).

Dan lives in County Kilkenny with his family.

John Ring, Senior Director of Loans

John is a Fellow of the Institute of Bankers and a Qualified Financial Advisor. He has over 20 years of experience in the lending industry, having worked in several financial institutions in a wide range of industries. John has significant experience in corporate and commercial banking, relationships, asset and wealth management and brings extensive experience in developing and maintaining client relationships.

John lives in Dublin with his family.

Paul O’Sullivan, Senior Director of Underwriting

Paul is a member of the Chartered Accountants of Ireland and has fifteen years of experience working with major pillar banks and alternative lenders in the Irish market. His experience includes residential, commercial and development real estate loans as well as corporate restructuring. Paul works closely with the CEO and Senior Loan Manager for both underwriting and executing loan facilities.

Paul lives in County Clare with his family.

Will neale

Will Neale, a very experienced trader, has supported Onate from its inception until its IPO. This includes Fonix, a mobile payment and messaging platform with many top-rated customers that launched in 2020. Will is also a well-known and beloved figure within the London investor community.

Christian fairies

Christian Faes also supports Onate. Christian is Co-Founder and Executive Chairman of Lendinvest, the UK’s leading marketplace for real estate finance and one of the UK’s fastest growing fintech companies, having loaned over £ 3.5 billion. .


Help support Cork Safety Alerts by becoming a member – Click here


Source link

About Sara Rodriquez

Check Also

Cisco unveils equipment to meet pandemic demand, 5G

STOCKHOLM (Reuters) – Cisco Systems Inc on Tuesday announced new products to help mobile network …

Leave a Reply

Your email address will not be published. Required fields are marked *