Credit & Underwriting Role
5 days ago
Madrid
About Onate Onate is a fast-growing real estate bridge lender operating across Ireland and Spain. We provide short-term, first-charge real estate finance to property developers and investors, with typical use cases including developer exit loans - offering additional time to complete or sell down assets - as well as “fix-and-flip” opportunities. Our lending spans residential, mixed-use, and commercial property. What sets Onate apart is our absolute focus on speed and certainty: delivering borrowers a fast “yes” or “no” and following through at pace. The business was founded by three serial entrepreneurs with a proven track record, having previously built multiple companies, including two now listed on the London Stock Exchange. Their vision is to establish Onate as a pan-European bridge lender with market-leading positions in every territory of operation. Launched in 2021, Onate has already achieved this in Ireland, where it has completed over 200 loans and secured its position as the market leader. In Spain, the business began operations in early 2024 with the opening of its Madrid office and the completion of its first loans. The team has since grown to five Spain-based professionals, supported by a steadily expanding loan book and a strong pipeline of opportunities. Despite being at an earlier stage, the Spanish portfolio already represents more than 25% of the group’s assets and is scaling rapidly. Onate has multiple funding lines - including a large international bank, a specialist credit fund, and a listed bond programme - providing both diversity of capital and significant scalability. You can read more about Onate through our regularly updated blog here. The Opportunity We are hiring an experienced credit and underwriting professional to support the next stage of our Spanish growth. This role reports directly to the Group Head of Credit and will be key to underwriting, executing, and managing our Spanish bridging portfolio. Experience with loan execution and recovery is a requirement of the role. Depending on experience and track record, we will appoint at Senior Manager or Director level. Working Environment This role is based in our Madrid office on Paseo de la Castellana, the heart of the city’s business district. The office reflects the vibrant energy of a fast-growing entrepreneurial company and is home to our talented and close-knit Spanish team. While the role is primarily office-based, we recognise the importance of flexibility and are happy to support periods of remote working where needed - for example, during the summer months. The role also involves travel across Spain to meet borrowers and visit assets as required. These visits are usually manageable within a single day, meaning overnight stays are rarely necessary. At Onate, we believe high performance comes from working smart, not simply working long hours. We foster a culture of efficiency and accountability - pushing hard when it matters, but avoiding unnecessary late nights or weekends. Team spirit is central to who we are. We meet regularly for team events, enjoy working together through the highs and lows, and celebrate successes as a group. With rapid growth driven by the initiative and commitment of our people, there’s a high-energy atmosphere across every part of the business. Candidate Profile Essential Experience • 8+ years experience in real estate lending or credit, familiar with the full life cycle of a property-backed loan., • Strong background in property-backed underwriting, portfolio management (incl. NPLs), and enforcement / debt recovery., • Experience in an alternative lending, banking or debt servicing environment., • Deep understanding of Spanish property law, enforcement procedures, and valuation standards., • Commercial mindset with strong financial modelling and credit analysis skills., • Highly networked within the Spanish real estate and lending market., • Excellent written and spoken Spanish and English., • Comfortable working autonomously in a fast-moving, scaling environment. Key Responsibilities Credit & Underwriting • Responsible for the end-to-end underwriting of all Spanish bridging loans, including: property and borrower due diligence, credit risk assessment, Legal documentation, and exit strategy analysis., • Present clear, decisive credit papers and recommendations to the Group Head of Credit and CEO., • Own the performance of the Spanish loan book, including early identification of potential issues., • Manage loan expiries, extensions, and recoveries, ensuring timely redemptions and optimal outcomes., • Act as a local credit lead in Spain, mentoring junior colleagues and helping to build future underwriting capacity., • Maintain and grow relationships with key market participants: brokers, valuers, lawyers, notaries, and institutional partners., • Champion entrepreneurial problem solving., • Provide continuous feedback on systems, products, and positioning to enhance efficiency and market fit., • Embrace our high-performance culture, using technology for clear, regular communication.
