OakNorth Bank – the UK bank powered by OakNorth – has completed a £7m partial CBILS loan to Queensmead Weybridge Ltd to refinance existing debt and allow time for the sale of 21 residential units in Surrey.
The residential units form part of a five-storey mixed-use scheme, comprising of 46 flats with parking spaces and two retail units on the ground floor. The spacious flats will offer residents living on the ground floor a patio annexe, while first floor residents will get a balcony and second floor residents will get a terrace.
The site, located on the outskirts of Weybridge’s town centre and in the popular Elmbridge district of Surrey, is a short walk from Weybridge train station, offering regular direct trains under 40 minutes into London Waterloo.
OakNorth Bank has approved over £1.3bn in new loans since 23 March, including c.450m through the British Business Bank’s Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme.
Commenting on the transaction, Brian Norton, Chairman of Queensmead Weybridge Ltd, said: “Despite England now entering another lockdown until at least 2 December, Martin and the team at OakNorth Bank were willing to support us and ensure we have more time to sell these units. These are very spacious, high-quality homes in one of the most desirable parts of the UK, which appeal to a wide range of buyers.”
Martin Williams, Director of Debt Finance at OakNorth Bank, added: “Brian and Mark have many years’ experience of property development in Surrey, successfully completing and selling several mixed-use and resi-led schemes. With the current challenging market conditions due to COVID-19, they need more time to market and sell the properties, so we’ve been delighted to be able to support them. We look forward to working with both Brian and Mark on their future developments.”
Notes to editors
About the Coronavirus Business Interruption Loan Scheme (CBILS)
CBILS is a demand-led scheme offering lending to smaller businesses with turnover of up to £45m. Invoice finance and asset finance facilities are available from £1k to £5m, while term loans and revolving credit facilities are available from £50k to £5m. The government makes a payment to cover interest and lender-levied fees under CBILS for the first 12 months. The scheme is due to close for new applications on 31 January 2021.
About the Coronavirus Large Business Interruption Loan Scheme (CLBILS)
CLBILS is a demand-led scheme offering lending to smaller businesses with turnover of more than £45m. The maximum amount available through CLBILS to a borrower and its group is £200m. Term loans and revolving credit facilities over £50m are offered by CLBILS lenders which have secured additional accreditation. The maximum size for invoice finance and asset finance facilities is £50m. Borrowers are able to spread repayments from three months to three years. The scheme is due to close for new applications on 31 January 2021.
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 16,000 new homes and almost 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.