Unitranche Lenders is an international provider of residential property loans. The Company offers the best deals and terms to homeowners who want to buy a new house or renovate their existing home. It is one of the few players in the residential property market in Ireland that offers low-interest rates, competitive loan offers, and a wide range of home finance options. The company has branches in counties Kildare, Mayo, Donegal, Kerry, Galway, Connaught, clerical duties in Donegal, financial investment units in all cities and towns, office locations throughout Ireland, and a number of retail outlets. Its main office is in Temple Gate, Cork.
The Group offers the best quality home loan product with a number of features such as competitive rates, flexible repayment options, convenient online application, no documentation, and no early repayment fees. Its current offerings include a wide selection of both types of financing including secured and unsecured. Among other services that it provides include foreclosure prevention and credit counseling. The group also offers execution rights, seller financing, and foreclosure settlements. The lender is authorized by the Department of Housing and Urban Development under the Home Ownership and Affordability Act of 1994.
An unsecured loan facility is typically offered to senior citizens
In this case, there is no collateral securing the loan. A senior citizen can avail of the facility agreement at any time during his/her life. A senior citizen who wishes to purchase a unitranche home must first apply to the company for an unsecured senior home loan. Once the application is approved, the applicant can choose from one of the three options:
Call protection typically comes in the form of an automatic stay
The lender typically requests permission to monitor the property’s daily usage so that non-payment cannot occur. This is typically referred to as an “ejector” or “non-recourse” loan. Unitranche lenders are not required to provide a salesperson with information on how to use the unitranche loans to execute the loans.
Lenders can be referred to as a “one-for-one” loan
With a single loan agreement among lenders, a single payment is typically made to the purchaser. This is the primary benefit of unitranche financing. However, a single-loan agreement among lenders does not typically offer borrowers a choice of sizes. Borrowers who are looking to obtain a multifaceted unitrachene should consider a “dual-loan” agreement where two individual unitranche loans are provided instead of one. This will allow borrowers to choose between a larger size mortgage and a smaller mortgage.
Unitranche lending institutions do not contain a standard capita
lstructure. Instead, unitrachene agreements between lenders typically include a variation of customary lending practices where the borrower is co-signor to a third party’s mortgage. This type of arrangement provides for the possibility that the borrower fails to make his monthly payments on the principal dwelling loan. If this occurs, the co-borrower then assumes the responsibility of paying the debts of the principal borrower.
A unique feature of a unitranche agreement is the provision of limited voting. This feature refers to the right of the borrower to cast a single vote in the underlying mortgage transaction. In general, the co-borrower is considered to hold less than a majority of the voting power in the case of a limited voting agreement among lenders. However, the Covenants generally specify the exact number of voting shares the co-borrower will have.
Similar to inter-company lending, unitranche facilities allow private equity or private debt funds to be used as additional funding sources. Under this arrangement, the lenders transfer their debt funds to the underlying mortgage loan. When the loan matures and the amount of the loan is repaid, the lenders then return the debt funds. The return of the debt funds is contingent on the repayment of the debt of the lender.
This is a highly attractive opportunity for lenders because it does not involve any potential dilution of control.