OakNorth Bank partners with Opes Financial Partners on £32.7m acquisition loan
OakNorth Bank – the UK bank powered by OakNorth – has completed a £32.7m loan to a successful property investor and developer to support the acquisition of four properties in North East London.
The four properties consist of 18 houses, 62 apartments (of which five are affordable homes or social housing) and three commercial units (of which two are offices and one is a community / religious space) and have convenient transport links to central London. Opes Financial Partners, one of London’s largest independent mortgage brokerages with an emphasis on high net worth and international clients, facilitated the borrower introduction and coordinated the deal with OakNorth Bank.
Matthew Davies, Co-founder of Opes Financial Partners commented on the transaction:
“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. The key challenges here aside from borrowing against a higher market value were the concentration of units in one area, the fact that there were social housing units that needed funding and the mixed uses of the various commercial property elements of the transaction. 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 said:
“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.”