OakNorth Bank – the UK bank for entrepreneurs, by entrepreneurs – has completed a £1.2m loan to Oakwood Real Estate, a privately owned property investment and development company which has successfully funded and developed a number of UK residential properties.
The capital will be used to convert an office building by Birmingham New Street Station into a new residential development. The new homes will be completed to a high specification with Quartz worktops, handleless kitchens, engineered laminate wood flooring and porcelain tiled bathrooms.
Jay Levy, Director at Oakwood Real Estate, said: “COVID-19 will have a long-term, if not permanent, impact on demand for office space in city centres, so we felt a residential development would be more beneficial for the Birmingham community. Having worked with other high street lenders in the past, it’s evident that OakNorth Bank’s expertise outmatches that of its competitors. The team were quick, collaborative, and commercial in their thinking – all of which have helped us get to get the loan in place.
Hemesh Patel, Director of Property Finance at OakNorth Bank, commented: “Jay and the rest of the Oakwood Finance team have a successful track record of investing in and developing properties throughout the UK. Almost two thirds (60 percent) of the Birmingham population is under-35 and largely made up of young professionals, who represent the largest percentage of the UK rental market. This makes Birmingham highly attractive for property investment businesses such as Oakwood. Thanks to Dan Austin at ASK Partners for facilitating the introduction.”
Notes to editors
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible and accessible debt finance to the UK’s Missing Middle.
It has borrowers across a variety of sectors, including: healthcare (nursing homes and retirement villages), consumer goods, vehicle and parts manufacturing, capital goods manufacturing, household professional services (including educational services), nurseries, business support services, hospitality and recreation (including hotels, resorts, restaurants and bars, fast food outlets and limited service restaurants), SME residential and commercial property development and investment.
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.