Nigel Heilpern

OakNorth Bank completes £930,000 marketing bridge to support sale of converted barns

OakNorth Bank has completed a £930,000 CBILS loan to Real Estate Bonding Limited to refinance existing debt and support the sale of two semi-detached barn conversions in Surrey.

The property development business — which was founded in 2014 by brothers Nigel (pictured above) and Simon Heilpern — will be using the funding to refinance existing debt and allow time for the sale of the converted barns, which are situated in a village near Guildford.

The transaction was completed three weeks after the borrower accepted the terms.

“These are beautiful properties in a unique rural surrounding, which benefit from good transport links into central London, so we’re delighted to have this extra time now to find owners for these new homes,” said Nigel.

Martin Williams, director of debt finance at OakNorth Bank, added: “Simon and Nigel have over three decades of real estate experience between them, but challenging market conditions due to Covid-19 mean they need more time to sell the properties.

“We were delighted to support them and complete the transaction in the timeframe they required.

“We’re grateful to the British Business Bank for granting us additional CBILS and CLBILS allocation, as this means we’ll be able to help more support more strong British entrepreneurs like Nigel and Simon.”

The specialist bank has approved over £1bn in new loans since 23rd March, including approximately £375m through the British Business Bank’s CBILS and CLBILS.

Following the extension of the schemes last month, OakNorth Bank has been granted further allocation, so will be able to support even more businesses in the weeks and months ahead.

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