Max Saidman

OakNorth Bank lends £6.5m for Soho commercial property refinance

OakNorth Bank has completed a £6.5m loan to a property group so that it could refinance a 10,688 sq ft commercial property in Soho, London.

The funding will be used to refinance a recently refurbished office and retail space at 82-84 Berwick Street, and will enable the borrower to purchase other properties to build its growing portfolio.

A total of £5m of the capital was provided under CBILS, with the remaining £1.5m non-CBILS.

Marc Champ, managing director of Wharf Financial Services, introduced the deal to the specialist bank.

“Considering this transaction was introduced during the height of lockdown, it is a credit to OakNorth Bank to have worked with such consistency and pragmatism,” commented Marc.

“This was a complex transaction which needed all sides pulling together. 

“The teams at OakNorth and Wharf have gone above and beyond to deliver a first-class result for the customer and exceed their expectations.”

Max Saidman, debt finance associate director at OakNorth Bank (pictured above), added: “While the office market continues to face uncertainty due to the pandemic, there remains demand for chic and newly refurbished office space in central London — especially in the West End. 

“The size, specs and location of this property make it attractive to both start-ups and established businesses, so we were delighted to get the introduction from Marc. 

“The borrower group has over 40 years’ of property investment experience, so we hope to complete additional transactions with them in the not too distant future."

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