The new funding line will sit alongside the specialist lender’s proprietary funds, with the deal enabling Lendhub to extend its lending capacity by £75m.
Lendhub — whose management team has entirely funded the business from their own equity — will use the finance to provide loans of £100,000 to £5m for the purchase or refinance of property.
“We are extremely pleased to be working with OakNorth,” said Christopher Adamou, managing director at Lendhub (pictured above).
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“This new funding line cements our commitment to the industry and forms an integral part of our growth plans for Lendhub.
“We hope to provide confidence, stability and consistency to our brokers and borrowers by working in partnership with such a highly regarded organisation.”
Mohith Sondhi, debt finance director at OakNorth, added: “This transaction demonstrates the breadth of OakNorth’s offering and the spectrum of deals we’re doing — everything from £500,000 transactions with owner-managed businesses to multi-million-pound loans with established SMEs, and loan-on-loan facilities to other lenders.”
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