Bridging and growth lender Saxon Trust has obtained a £35m funding facility from OakNorth which is anticipated to develop its lending capability.
The specialist lender mentioned this money injection would assist it to realize extra market share as conventional lenders withdraw from the mid-market area.
Saxon Trust is privately owned and run by a staff of property professionals. The lender has been increasing its product vary since 2020 with the launch of a stepped bridging product and growth exit loans final yr.
Andrew Gardiner, founding director at Saxon Trust, mentioned: “Against a backdrop of continued economic uncertainty and rising interest rates this new funding line, in strategic partnership with OakNorth, underlines our commitment to our clients, our brokers and indeed to the wider market.”
Brian West, head of gross sales and advertising and marketing at Saxon Trust, added: “The team at OakNorth quickly understood our diverse product offering from bridging loans, refurbs and conversions right through to ground-up development projects and development exits, and we are delighted that they are backing us strongly to grow volumes across our entire product range.”
Mohith Sondhi, senior director of debt finance at OakNorth, mentioned: “This transaction represented an thrilling alternative for us to forge a detailed working partnership with Saxon Trust. Since its launch in 2006, Saxon’s staff has constructed up a formidable fame and expertise, having traded efficiently via a number of market cycles.
“We are delighted to be working with them as they look to take their business to the next level.”
Shekina is the business editor at Mortgage Solutions. She has over 4 years’ expertise within the B2B publishing market, with earlier industries together with the accounting, pet, funeral, hospitality, retail and jewelry trades.
She at the moment reviews on present occasions within the mortgage market and liaises with monetary shoppers to provide sponsored content material.
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