Takes OakNorth’s total lending to date to over £9.7bn
IN BRIEF:
The total is on track to surpass the £1.6bn that the bank lent last year
Last year OakNorth had outstanding loan facilities of £4.6bn, turning a £152.3m pre-tax profit
New credit lines include a £37m facility to an independent self-storage provider and a £62m credit facility in partnership with property lender ASK
What does this mean?
“With the current cost-of-living crisis set to continue well into next year, we want to reassure businesses that we’re here to support them whether they need debt for growth, M&A, a management buy-out or buy-in, working capital or anything else,” said OakNorth Bank’s head of debt finance Ben Barbanel. “The UK’s Missing Middle continues to be the backbone of our economy so powering their growth ambitions is essential for enabling the country to overcome the current economic challenges.”
