Image Source: Sean MacEntee
Chloe Shakesby

London bank announces £6.5m refinancing of commercial Soho property

A London bank has announced that it has facilitated a six-figure loan to help refinance a commercial property in the area.

OakNorth Bank has completed a £6.5m loan to a property group with more than 40 years of experience to refinance a commercial property in SoHo.

The loan consisted of £5m of CBILS funding and £1.5m of non CBILS funding, and saw OakNorth working together with Wharf Financial Services.

Marc Champ, managing director of Wharf Financial Services, commented: “Considering this transaction was introduced during the height of lockdown, it is a credit to OakNorth Bank to have worked with such consistency and pragmatism.

“This was a complex transaction which needed all sides pulling together. The teams at OakNorth and Wharf have gone above and beyond to deliver a first class result for the customer and exceed their expectations.”

Max Saidman, debt finance associate director at OakNorth Bank, continued: “Whilst the office market continues to face uncertainty due to the pandemic, there remains demand for chic and newly refurbished office space in Central London especially in the West End.

“The size, specs and location of this property make it attractive to both start-ups and established businesses, so we were delighted to get the introduction from Marc.

“The borrower group has over 40 years of property investment experience, so we hope to complete additional transactions with them in the not too distant future.”

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