OakNorth Bank – the UK bank powered by OakNorth – has provided a £12.6m loan to Sherwood Oak Homes Ltd to assist in the funding of the development of the initial phase of homes in Forest Town, a village close to Mansfield in North Nottinghamshire.
The development will be built over the next 36 months and split across a number of phases. Each house will have parking, a spacious garden and be surrounded by attractive countryside. The borrower has secured planning permission to build over 300 homes on the site which is located less than a 10-minute drive from Mansfield and Sherwood Pines Forest Park. It also benefits from being close to East Midlands and Robin Hood International Airport and offers a direct train service into London Kings Cross. The project is being led by a highly experienced team with well-over a century of experience between them and a successful track record in delivering homes for major housebuilders.
Tim Ball, Managing Director and Owner of Sherwood Oak Homes Ltd, said: “We’re excited to be breaking ground on this project and bringing new homes to this beautiful area. The size and location of the homes will attract families, with the area being surrounded by some of the most prestigious schools and universities in the UK. We’re pleased to have secured backing from OakNorth Bank –throughout the process, the team behaved like true partners and demonstrated their knowledge and experience of funding this sector.”
James Espley, Director of Debt Finance at OakNorth Bank, commented: “The Sherwood Oak Homes team, led by Tim Ball, have a wealth of experience between them and ambitious plans for this area in the future. They have successfully secured planning permission to bring hundreds of new homes to the area which will in turn have a positive impact on the local economy in terms of job creation, and potentially create more opportunities for us to work together in the future.”
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 £5bn, directly helping with the creation of 17,600 new homes and more than 22,500 new jobs in the UK;
• Raised deposits from c.175,000 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.