Lendhub have secured a new funding line from challenger bank, OakNorth, the specialist bridging and development lender extending their lending capacity by £75m
- OakNorth has provided a loan-on-loan facility to Lendhub, the specialist lender providing bridging and development loans against both residential and commercial property;
- The management team at Lendhub has run a successful bridging business which they have 100 percent funded from their own equity;
- Lendhub will use the finance from OakNorth to provide loans of £100k to £5m for the purchase or refinance of property.
OakNorth – the bank for entrepreneurs, by entrepreneurs – has completed a fund finance deal with Lendhub, enabling the specialist lender to extend its lending capacity by £75m. The new funding line will sit alongside Lendhub’s proprietary funds, enabling them to further extend their lending of bridging and development loans at competitive rates.
Lendhub offers bridging and development loans of £100k to £5m against both residential and commercial property to individuals and corporates. The highly experienced team act with speed and are able to handle complex lending proposals with short lead times.
Christopher Adamou, Managing Director at Lendhub, said: “We are extremely pleased to be working with OakNorth. 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. I would also like to take the opportunity to thank the team at OakNorth for the work involved in securing the partnership.”
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.”