The first in a series of videos and articles on bridging finance with Rory O’Mara, founder and CEO of Closed Bridging Finance. Rory started his company on realising that the biggest problem faced by property investors is a lack of access to ready cash and that this was something he was able to offer as a service.
Property Expert Series: Rory O’Mara from Closed Bridging Finance
- Introducing Rory O’Mara from Closed Bridging Finance
- What is Bridging Finance?
- What is Development Finance?
- Debt Finance Vs. Equity Finance – Which is Better for Property?
- What Kind of Property Can Be Bought With a Bridging Loan?
- How Much does a Bridging Loan Cost?
- How to Use Bridging Finance to Grow a Property Portfolio Quickly
- What Problems do Property Investors Face in 2018?
- Which Property Strategies Offer the Best Long-Term Potential?
- How Can a High Net Worth Individual Invest in Short-Term Finance?
- What is an SPV and Why are They Used by Property Developers?
Amy: Hi, it’s Amy from Property Investments UK and today I’m here with Rory O’Mara from Closed Bridging Finance.
Rory: Good day, Amy.
Amy: Thank you for joining us, today and I’m really excited to learn a little bit more about you and what you do, Rory. Thank you.
Rory O’Mara from Closed Bridging Finance
Amy: So, hi and thank you for joining us, Rory, today. I’m really interested to find out a little bit more about you and your background and what you do with Closed Bridging Finance.
Rory: Okay, sure. So, it depends on how long you’ve got, really, but let’s keep it nice, short and sweet.
I started this company about 10 or 11 years ago and it is really off-the-back of when I graduated in the late eighties.
I was always taught ‘follow the money’ and ‘cash is king’. And so, what I’ve always tried to do, is focus on opportunity.
I worked in the City and I saw massive changes. I got involved in IT, built an IT consultancy and I sold that business.
And, what I’d learned, around the time of around 2005, 2006, that it was possible to buy property with no money. The good, old-fashioned, ‘no money down’.
I did a little bit of property education and found that the big challenge that most investors had, they’ve no access to the cash and there weren’t enough bridging companies who could provide the money, short-term.
So, Close Bridging Finance, that company was born. We were lending money, short-term and it was very, very simple. You’d borrow money for a day, less than a day. We’d provide it, you’d buy your property.
You hear of investors, now, who might have hundreds of properties and they are doing that using this model.
And that’s pretty much how we started. By offering a very, very simple, classic, old-fashioned service, being blunt, direct and honest and delivering the cash when property investors need it.
We’ve evolved a lot since then but that’s how we started.
Amy: Wonderful, thank you.