OakNorth Bank supports North East London property acquisitions with £32.7m funding
A property developer is set to expand its portfolio with new London acquisitions after securing multi-million pound funding from OakNorth Bank.
The business bank, powered by tech firm OakNorth, has provided a £32.7m loan to an unnamed property specialist for the acquisition of four new properties in North East London.
With the new funding, the firm will acquire four properties consisting of 18 houses, 62 apartments and three commercial units.
Mortgage brokerage Opes Financial Partners assisted OakNorth Bank with the deal. Matthew Davies, co-founder of Opes Financial Partners commented: “Lending on value rather than purchase price was really supportive to my experienced client as it meant that they were able to borrow a higher amount / percentage of the purchase costs.
“I was really impressed by the confidence and resolve OakNorth Bank showed to get this transaction delivered in difficult market conditions.”
Hemesh Patel, property finance director at OakNorth Bank, commented: “It was a pleasure to work with Matthew and the rest of the team at Opes Financial Partners to support such a complex and large property deal.
“Despite the current market challenges, it’s great to be able to continue lending to the property sector – a sector that has been largely impacted by the lockdown.
“We look forward to working with Matthew and the team at Opes Financial Partners on future deals.”
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