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OakNorth Bank completes £5.5m property investment to Manchester-based real estate company for new rural housing development in Lancashire

OakNorth Bank – the UK bank powered by OakNorth – has completed a £5.5m loan to leading Manchester-based and  privately owned property business, Hurstwood Holdings.

The capital will be used to develop 30 new homes across a 2.5-acre rural site in Rossendale, Lancashire, including three five-bedroom, 13 four-bedroom and three three-bedroom detached homes, two three-bedroom semi-detached homes, five  starter homes and four shared-ownership homes.  Manchester city centre is less than a 30-minute drive away, with the Lancashire towns of Bury, Blackburn and Burnley all reachable in less than 20 minutes.

Andy Park, Managing Director of Hurstwood Holdings, commented on the transaction: “Despite the current economic uncertainty that we all face, Chris and the team at OakNorth Bank were hugely supportive throughout the whole process, responding quickly to any questions and queries we had. . Having now completed a number of projects in the region, we know what buyers are looking for and thanks to the current stamp duty incentives, we continue to see strong demand. Rossendale is one of the most attractive areas of Lancashire, with the new development perfect for first time buyers, growing families and those looking to move out of cities and get more space, as a result of more flexible working from COVID-19.”

Chris Swarbrick, Senior Director Debt Finance at OakNorth Bank, added: “Hurstwood is a long established and well-respected property investor and developer in the North West, and more recently, nationally. Its management team has over 30 years’ experience in the property investment and has been through multiple cycles whilst continuing to grow, so was well-positioned to weather the challenges presented by the pandemic. Given the size of its portfolio and how quickly it keeps growing, we’re sure there will be more opportunities to support this dynamic business in the future and look forward to doing so.”

ENDS

Notes to editors

About OakNorth Bank plc
OakNorth Bank provides fast, flexible and accessible debt finance (from £500k to £50m) to fast-growth businesses and established property developers / investors. It has debt finance teams in London, Manchester, Bristol, Birmingham, Leeds and East Anglia.

Since its launch, the bank has:
• Lent over £4.6bn, directly helping with the creation of almost 16,000 new homes and more than 20,000 new jobs in the UK;
• Raised deposits from c.160,000 savers;
• Supported over 750 businesses across the UK with the debt finance to pursue their growth ambitions.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Visit www.oaknorth.co.uk for more information.

Contact

Tom Pavey-Smith, Associate Director – Growth & Communications: tom.pavey-smith@oaknorth.com / press@oaknorth.com / 0791 716 5588

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