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OakNorth Bank approves GBP 1.1 bln in new loans

Tuesday 13 October 2020 13:36 CET | News

UK-based OakNorth Bank has approved GBP 1.1 billion in new loans to support UK businesses through COVID-19, including over GBP 400 million through the CBILS and the CLBILS. 

From June to August 2020, OakNorth Bank experienced twice the lending volume going to credit committee compared to the same period in 2019, and in September 2020, has seen four times the volume. Despite the difficulties the UK economy and British businesses have faced due to the pandemic, OakNorth Bank has continued to support viable businesses and strong management teams, according to the official press release.

This included: a loan-on-loan facility to Ultimate Finance to support growth in bridging lending; a loan to The Jade Hotel in South Kensington to support expansion and renovations; a loan to Red Oak Taverns to assist with working capital requirements and contractual obligations; a loan to Dewing Properties to release liquidity to the wider business; and the completion of its first fund finance subscription facility to Bluegem Capital Partners, a PE firm focused on European consumer-facing businesses.

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Keywords: OakNorth Bank, loans, UK, United Kingdom, businesses, COVID-19, CBILS, CLBILS, lending, economy, Ultimate Finance, The Jade Hotel, Red Oak Taverns, Dewing Properties, Bluegem Capital Partners
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
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Banking & Fintech