Saxon Trust has significantly expanded its funding capability with a new £35m funding facility from OakNorth.
The London-based specialist bridging and development lender believes that this additional wholesale funding will enable them to capture additional market share, as traditional lenders increasingly pull back from the mid-market space.
Having expanded their product range significantly since 2020, the Saxon Trust team are better placed than ever to build and maintain long-lasting relationships with their brokers, borrowers, and professional partners. They adopt a pragmatic approach to lending, tailoring the terms of every loan to the specific needs of each borrower and project.
Andrew Gardiner, Founding Director at Saxon Trust commented: “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 Sales & 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.”
Since its launch in 2015, OakNorth has consistently provided fast, flexible, and accessible debt finance to the UK’s “Missing Middle” – established small-to-medium enterprises (SMEs) who are seeking to scale but are routinely overlooked or underserved.
The organisation has lent almost £1bn to British businesses across H1 2023 alone.
Mohith Sondhi, Senior Director of Debt Finance at OakNorth, said: “This transaction represented an exciting opportunity for us to forge a close working partnership with Saxon Trust.
“Since its launch in 2006, Saxon’s team has built up an impressive reputation and experience, having traded successfully through several market cycles. We are delighted to be working with them as they look to take their business to the next level.”
Saxon Trust were advised by Temple Bright LLP, led by banking partner Alistair Hill.
This article appeared on the FinTech Global website on 12 September 2023.