OakNorth completes £15m loan to Elandis
OakNorth, the bank for entrepreneurs, by entrepreneurs, has provided its first global financing of £15 million to Elandis, an international hospitality and real estate ownership, development and property management group. The group is a subsidiary of the Libra Group, a privately owned international business group comprising 30 subsidiaries active in 35 countries across six continents. Elandis has a global portfolio of real estate, both developed and under development. It has bought and re-purposed 2,600 residential units, 22 hotels, 11 commercial assets and several development projects, primarily across the Americas and Europe. The facility demonstrates OakNorth’s ability and commitment to fund overseas corporates looking for UK funding with a tailored fundraising package.
Commenting on the deal, Luis Pulido, Chief Financial Officer of Elandis, said:
“The team at OakNorth came up with a bespoke, structured solution. They were incredibly supportive, constantly updating us and ensuring we knew what information to provide them with. We look forward to working with the team again in the future.”
In a joint statement, Ben Barbanel, pictured, Head of Debt Finance and Mohith Sondhi, Debt Finance Director at OakNorth, said:
“Since our launch in September 2015, we have been very fortunate to work with a variety of borrowers in various sectors. However, this was our first transaction with a global company so we were delighted to be doing it with such a diverse and experienced management team. Being able to work closely with the borrower and understand their requirements, we were able to tailor a bespoke solution which provides them with the facility they were seeking.”