As part of the deal, Oaklands — which was founded in early 2022— will immediately rebrand to Tenn Capital.

The transaction will give Tenn Capital, which is headquartered in Guernsey, a physical presence in Jersey and an expanded offering, with an aim to “significantly increase lending activity across the Channel Islands”. 

Tenn Capital launched in 2021 by CEO Matt Watson (pictured above), CEO at Enness Global Mortgages Islay Robinson, managing director at Enness Global Mortgages Hugh Wade-Jones, and CEO at JTC PLC Nigel Le Quesne, to offer short-term loans from £250,000, secured against prime UK and selected international residential real estate.

That year, the bridging lender agreed a £300m funding facility and JV partnership with funds advised by Elliott Advisers (UK) Limited and its affiliates.

According to Matt, the business has grown rapidly since it entered the market.

“This is an important milestone in the development of Tenn Capital,” he said.

“We have a clear vision for the business, and having a significant presence in Jersey is a key part of our ambitious growth plans.

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“The Oaklands team are capable, experienced and motivated — I am absolutely confident they will deliver a fantastic, responsible lending service to both the local Jersey market as well as providing innovative financing solutions to the international corporate service provider market.”

Matt believes the lending market is “primed for consolidation” as high quality originators and operators look for stable and reliable funding for their clients.

“Tenn intends to be active in this process,” he confirmed.

Steve O’Brien, managing director at Oaklands — and a former managing director at Sancus (Gibraltar Limited), commented that the lending space was going through an adjustment process with rising interest rates and inflation. 

“Combining two businesses that complement each other makes strategic sense, and we are incredibly excited about our future as part of the Tenn Capital family,” he stated.

“We share the same core values as Matt and his team, which will make the integration process relatively seamless. 

“With the significant funding lines available to Tenn Capital, we now have the capability to offer comprehensive lending solutions worldwide, which is a unique and compelling competitive advantage in our jurisdictions.

“This deal will create substantial value for our clients and offers serious firepower in the asset-backed lending space.

“We look forward to growing the business over the coming months and years.”

As part of the acquisition, four Jersey-based staff at Oaklands will join the Tenn Capital team.

Late last year, Tenn Capital recruited Mike Jones as chief sales officer to drive the lender’s origination pipeline and grow its distribution capability across the UK and internationally.