Ogier in Ireland advises non-bank property lender Onate on €75 million securitisation facility with Citi

Ogier's Structured Finance team in Ireland has advised Onate on the successful conclusion of a €75 million forward-flow securitisation facility with Citi.

Onate is a specialist property bridging lender and the facility will be used to fund the expansion of Onate's lending activities in Ireland and Spain.

Ogier acted as Irish legal counsel to the borrower - or Irish special purpose vehicle (SPV) - the seller and the risk retention holder in the structure. Ogier Global, Ogier's corporate and fiduciary services branch, acted as the Irish corporate services provider to the borrower.

Onate CEO Dan Gandesha said: "This transaction represents a major milestone in Onate’s growth and reflects the strength of both our team and our borrower focused proposition. That proposition is simple; we deliver borrowers transaction certainty by giving them a fast yes or no and following through at pace. 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. Ogier are a key partner to Onate, with Richard Kelly advising on not only this transaction but all of our major funding lines. As always, Richard and his team were fantastic throughout.” 

Richard Kelly, partner and head of Structured Finance at Ogier in Ireland, said: "We are delighted to have advised Onate on this landmark transaction for their business, and we look forward to supporting their future growth. This deal showcases Ogier's expertise in handling complex, multi-jurisdictional securitisation transactions and highlights our ability to provide clients with dedicated and seamless legal, tax, regulatory and fiduciary expertise."

The Ogier Structured Finance team included senior associate Conor McKeown, associate Eimear Walsh and trainee solicitor Cathal Keane. Irish tax advice was provided by tax partner John Perry and associate Edwina Hilton, while Regulatory counsel Dave Nolan advised on regulatory aspects. The Ogier Global team was led by managing director and head of Debt Capital Markets Michael Carroll, and associate director Karina McGrath.

This transaction builds on Ogier's strong track record advising on high-profile structured finance transactions in Ireland. For further information on how Ogier can support your structured finance transactions, contact the team.