OakNorth Bank – the UK bank powered by OakNorth – has completed a £930k CBILS loan to Real Estate Bonding Limited to refinance existing debt and support the sale of two semi-detached barn conversions in Surrey.
The property development business was founded in 2014 by brothers, Nigel and Simon Heilpern, who have over 30 years of real estate experience between them. Nigel specialises in real estate law and financing, and has represented developers, bankers and other institutions in a range of real estate transactions. Meanwhile, Simon is the Head of Real Estate at Salamanca Group, where he provides strategic investment and development advice for a wide range of clients on acquisitions, asset management and technical services across the UK.
OakNorth Bank has approved over £1bn in new loans since 23 March, including c.£375m through the British Business Bank’s Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme. Following the extension of the schemes last month, OakNorth Bank has been granted further allocation, so will be able to support even more businesses in the weeks and months ahead.
Commenting on the transaction, Nigel Heilpern, co-founder of Real Estate Bonding Limited, said: “This deal was completed just three weeks after we’d accepted the terms, which is a clear demonstration of the speed at which the OakNorth team operates and their commitment to delivering an exceptional experience for borrowers. These are beautiful properties in a unique rural surrounding, which benefit from good transport links into central London, so we’re delighted to have this extra time now to find owners for these new homes.”
Martin Williams, Director of Debt Finance at OakNorth Bank, added: “Simon and Nigel have over three decades of real estate experience between them, but challenging market conditions due to COVID-19 means they need more time to sell the properties. We were delighted to support them and complete the transaction in the time frame they required. We’re grateful to the British Business Bank for granting us additional CBILS and CLBILS allocation, as this means we’ll be able to help more support more strong British entrepreneurs like Nigel and Simon.”
Notes to editors
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
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.
Valentina Kristensen, Director – Growth & Communications: firstname.lastname@example.org / email@example.com / 0757 234 9009