OakNorth has completed a £20m loan to a specialist lender in Tavistock Group to help boost its bridging loan book for developers and investors.
Ultimate Finance Group will use the capital to provide short-term loans to help complete projects or support owners waiting to secure sales or refinancing, in the wake of the coronavirus pandemic.
The specialist lender is a part of international private investment organisation Tavistock Group, founded by billionaire and Tottenham Hotspur-owner Joe Lewis.
OakNorth’s loan brings its total loan-on-loan facilities to more than £300m.
Josh Levy, chief executive at Ultimate Finance Group, said: “Bridging finance is a significant and vital source of capital to the UK property market, particularly given the funding void caused by current market conditions.”
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
