OakNorth has completed development loan with Lendhub, a specialist lender to the non-regulated property market.
The deal means Lendhub will extend its lending capacity by £75m.
Lendhub offers bridging and development loans of £100,000 to £5m against both residential and commercial property to individuals and corporates.
Christopher Adamou, managing director of Lendhub, said: “This new funding line cements our commitment to the industry and forms an integral part of our growth plans for Lendhub. We hope to provide confidence, stability and consistency to our brokers and borrowers by working in partnership with such a highly regarded organisation.”
Mohith Sondhi, debt finance director at OakNorth, commented: “In a relatively short space of time, Lendhub has established itself as a successful bridging and new development business with a strong client base across London and the South East.
“This transaction demonstrates the breadth of OakNorth’s offering and the spectrum of deals we’re doing – everything from £500k transactions with owner-managed businesses to multi-million-pound loans with established SMEs, and loan-on-loan facilities to other lenders.”
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