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Nick Hill

OakNorth provides £10m debt facility to RM Secured Direct Lending

RM Secured Direct Lending (RMDL), an investment trust specialising in secured debt investments, has signed a Revolving Credit Facility (RCF) of £10m from OakNorth.

The RCF will provide the RDML with flexible capital for maintaining and preserving liquidity and general corporate purposes including to invest in the pipeline of investments opportunities.

RMDL has previously partnered with OakNorth on two joint loans to finance the development of a luxury hotel in central London, L’Oscar and to Strawberry Star for the purchase and development of a mixed-use site in Wandsworth.

In October 2017, RMDL raised an additional £30m which will also be used to continue to build its portfolio of investments.

Pietro Nicholls, principal - investment manager of RM Capital Markets Limited, said: “We are delighted to have signed this RCF with OakNorth which provides us with additional flexibility following our recent successful £30m equity raise, to act quickly on attractive investment opportunities.

“We have an active pipeline of higher yielding, secured lending opportunities which will further broaden our portfolio and enable us to continue to deliver growing and sustainable returns to shareholders.”

In a joint statement, Ben Barbanel, head of debt finance, and Mohith Sondhi, debt finance director at OakNorth, commented: “We are very excited to have completed this transaction with RM Secured Direct Lending – not only is this our first transaction with a listed company, but it is also our first loan to an investment trust.

“Our Credit Committee was reassured by the extensive experience of the management team – over 120 years collectively – as well as the RMDL’s strong track record and diversified portfolio. Given that we have worked with RMDL on two transactions in the past, we also had a good understanding of how they operate.”

Since listing in December 2016, RMDL has invested in 21 Loans across 11 sectors, including healthcare, energy, property, hospitality and leisure.

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