Saxon Trust secures new £35m funding line from OakNorth

By Bridging Loan Directory 12th September 2023

Saxon Trust, the London based specialist bridging and development lender, has significantly expanded its funding capability with a new £35m funding facility from OakNorth, the neobank for entrepreneurs, by entrepreneurs.

As traditional lenders increasingly pull back from the mid-market space, Saxon Trust believe this additional wholesale funding will enable them to capture additional market share.

Privately owned, the Saxon Trust team is comprised of seasoned property professionals with decades of property investment and development experience. They have been lending successfully since 2006.

Having expanded their product range significantly since 2020, the Saxon Trust team are better placed than ever to build and maintain long-lasting relationships with their brokers, borrowers, and professional partners.

They adopt a pragmatic approach to lending, tailoring the terms of every loan to the specific needs of each borrower and project.

Launched in September 2015 and founded by entrepreneurs, OakNorth provides fast, flexible, and accessible debt finance to the UK’s “Missing Middle” – established small-to-medium enterprises (SMEs) who are seeking to scale but are routinely overlooked or underserved.

In the first half of this year alone, OakNorth lent nearly £900m to British businesses and has lent over £9.8b since launch, helping with the creation of 41,000 new jobs and 29,000 new homes across the UK.

Andrew Gardiner, Founding Director at Saxon Trust commented:

“Against a backdrop of continued economic uncertainty and rising interest rates this new funding line, in strategic partnership with OakNorth, underlines our commitment to our clients, our brokers and indeed to the wider market.”

Brian West, Head of Sales & Marketing at Saxon Trust added:

“The team at OakNorth quickly understood our diverse product offering from bridging loans, refurbs and conversions right through to ground up development projects and development exits, and we are delighted that they are backing us strongly to grow volumes across our entire product range.”

Mohith Sondhi, Senior Director of Debt Finance at OakNorth, commented:

“This transaction represented an exciting opportunity for us to forge a close working partnership with Saxon Trust.

Since its launch in 2006, Saxon’s team has built up an impressive reputation and experience, having traded successfully through several market cycles.

We are delighted to be working with them as they look to take their business to the next level.