The additional wholesale funding can help the lender capture additional market share
Specialist bridging and development lender Saxon Trust has secured a new £35 million funding facility from neobank OakNorth.
The additional wholesale funding, Saxon Trust believes, will enable it to capture additional market share, with traditional lenders increasingly pulling back from the mid-market space.
Lending since 2006, Saxon Trust has expanded its product range significantly since 2020 with a team that is now comprised of seasoned property professionals with decades of property investment and development experience.
Launched in September 2015, OakNorth provides debt finance to 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 £900 million to British businesses and has lent over £9.8 billion since launch.
“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,” commented Andrew Gardiner, founding director at Saxon Trust.
“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,” added Brian West (pictured), head of sales and marketing at Saxon Trust. “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, said the transaction represented an opportunity for it to forge a close working partnership with the specialist finance provider.
“Since its launch in 2006, Saxon’s team has built up an impressive reputation and experience, having traded successfully through several market cycles,” Sondhi stated. “We are delighted to be working with them as they look to take their business to the next level.”
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