Citi has agreed a €75m (£66m) private warehouse securitisation facility with Onate, a specialist property bridging lender in Ireland and Spain.
Onate announced the close of the financing arrangement today (7 November), giving it access to institutional funding.
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“This transaction represents a major milestone in Onate’s growth and reflects the strength of both our team and our borrower-focused proposition,” said Dan Gandesha, chief executive of Onate. “This latest facility adds further funding power whilst leaving untouched our winning formula of local teams making local decisions in both our Irish and Spanish markets.”
The new partnership follows the extension of Onate’s senior facility with Triple Point and its €100m Vienna-listed secured note programme.
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Since launching in 2021, Onate has completed more than €210m over 300 bridging loans.
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In July this year, Citi provided a £230m credit facility to small- and medium-sized enterprise lender Funding Circle, to support the growth of its flexible payment product, FlexiPay.
