The capital from OakNorth Bank will help support Ultimate Finance Group with its fast-growing bridging loan book, providing vital short-term funding to enable property developers and investors to complete projects and have the breathing space to secure sales or long-term finance.

The specialist asset-based lender — which has been part of international private investment organisation, Tavistock Group, since 2015 — has completed over £90m of bridging facilities in the last four years, with a spread of clients across the UK.

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“Bridging finance is a significant and vital source of capital to the UK property market, particularly given the funding void caused by current market conditions,” commented Josh Levy, CEO at Ultimate Finance Group. 

“We are delighted to partner with OakNorth Bank to support the next phase of our growth, with a clear match between our service-led proposition, that prioritises speed and flexibility, and OakNorth’s strengths. 

“We see a clear need for bridging finance in the market and look forward to working closely with the team at OakNorth Bank to take advantage of the opportunities ahead, aided by OakNorth’s deep understanding of the property market.”

Since its launch five years ago, OakNorth Bank has completed over £300m of loan-on-loan facilities, including a  £25m fund finance deal with ICG-Longbow Senior Secured UK Property Debt Investments, a £10.5m transaction with RM Secured Direct Lending, and a £30m transaction with Hilltop Credit Partners.

Alex Rimmer, debt finance director at OakNorth Bank, said: “Loan-on-loan facilities allow us to access different clients and geographic locations which we might not have access to typically, so will continue to be a key growth area in our portfolio. 

“There is a huge gap in the market for facilities below £35m, such as this one, so this creates a significant opportunity for lenders like us. 

“With a successful track record over the last four years and strong backing from Tavistock, Ultimate Finance Group is in a prime position to take advantage of this at a time when many of its peers are having to pull back.”