OakNorth Bank has completed a £20m loan-on-loan facility to Ultimate Finance Group, a specialist asset-based lender.

Ultimate Finance Group is a specialist asset-based lender founded in 2002 that is part of Tavistock Group, the international private investment group. 

Ultimate Finance Group has completed over £90m of bridging facilities in the last four years, with a spread of clients across the UK. 

The capital from OakNorth Bank will help support Ultimate Finance Group with its bridging loan book, providing vital short-term funding to enable property developers and investors to complete projects and long-term finance.

Since its launch five years ago, OakNorth Bank has completed over £300m of loan-on-loan facilities, including a £25m fund finance deal with ICG-Longbow Senior Secured UK Property Debt Investments, a £10.5m transaction with RM Secured Direct Lending, and a £30m transaction with Hilltop Credit Partners.

Josh Levy, chief executive of Ultimate Finance Group, said: “We see a clear need for bridging finance in the market and look forward to working closely with the team at OakNorth Bank to take advantage of the opportunities ahead, aided by OakNorth’s deep understanding of the property market.”

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Alex Rimmer, director, debt finance director at OakNorth Bank, said: “Loan-on-loan facilities allow us to access different clients and geographic locations which we might not have access to typically, so will continue to be a key growth area in our portfolio. 

“There is a huge gap in the market for facilities below £35m such as this one, so this creates a significant opportunity for lenders like us. 

“Despite ongoing economic uncertainty due to Covid-19, the UK property sector has fortunately remained stable with both property prices and demand up year-on-year.”