Saxon Trust secures new £35m funding line from OakNorth

Saxon Trust, the London based specialist bridging and development lender, has significantly expanded its funding capability with a new £35m funding facility from OakNorth, the neobank for entrepreneurs, by entrepreneurs.

As traditional lenders increasingly pull back from the mid-market space, Saxon Trust believe this additional wholesale funding will enable them to capture additional market share.

Privately owned, the Saxon Trust team is comprised of seasoned property professionals with decades of property investment and development experience. They have been lending successfully since 2006.

Having expanded their product range significantly since 2020, the Saxon Trust team are better placed than ever to build and maintain long-lasting relationships with their brokers, borrowers, and professional partners. They adopt a pragmatic approach to lending, tailoring the terms of every loan to the specific needs of each borrower and project.

Launched in September 2015 and founded by entrepreneurs, OakNorth provides fast, flexible, and accessible debt finance to the UK’s “Missing Middle” – established small-to-medium enterprises (SMEs) who are seeking to scale but are routinely overlooked or underserved. In the first half of this year alone, OakNorth lent nearly £900m to British businesses and has lent over £9.8b since launch, helping with the creation of 41,000 new jobs and 29,000 new homes across the UK.

Andrew Gardiner, Founding Director at Saxon Trust commented:

“Against a backdrop of continued economic uncertainty and rising interest rates this new funding line, in strategic partnership with OakNorth, underlines our commitment to our clients, our brokers and indeed to the wider market.”  

Brian West, Head of Sales & Marketing at Saxon Trust added:

“The team at OakNorth quickly understood our diverse product offering from bridging loans, refurbs and conversions right through to ground up development projects and development exits, and we are delighted that they are backing us strongly to grow volumes across our entire product range.”   

Mohith Sondhi, Senior Director of Debt Finance at OakNorth, commented:

“This transaction represented an exciting opportunity for us to forge a close working partnership with Saxon Trust. Since its launch in 2006, Saxon’s team has built up an impressive reputation and experience, having traded successfully through several market cycles. We are delighted to be working with them as they look to take their business to the next level.  

Ends

For further information please email Brian West at [email protected]  or call (0203) 950 9687

Notes to Editors:

About Saxon Trust

Our lending business was established in 2006 and has built a reputation as a leading, innovative and flexible specialist lender. Having previously traded as Calmez, we launched the Saxon Trust brand in 2020 to widen our appeal across a broader suite of loan products and to better assist our borrowers throughout their project life cycle.

A key feature of the business is that we are a privately owned company with our directors holding a majority of the shares, ensuring a direct link between our borrowers and those that run and own the business. We specialise in bridging and development loans from £100K to £5M* over periods of 6-24 months, secured against residential properties and construction projects across England & Wales.

  • We are specialists in bridging and development lending. We utilise our investment and development experience to provide a transparent range of customer driven products.
  • A diverse product suite. We offer property conversion, joint venture, and a range of development exit loans in addition to our core bridging, light to heavy refurbishment and ground-up development loans.
  • We are a small agile team. Our aim is to support our clients through every twist and turn in a volatile market, to finish projects, to create opportunities and to progress their business objectives. By doing so we build long-term relationships.
  • We simplify the complex. We leverage our multi-disciplinary experience to provide simple solutions to complex transactions.
  • Single point of contact. From project start to finish, our clients have one point of contact – even if they transition to another type of loan.
  • We are well capitalised. We are backed by a variety of institutional and private funding lines giving us significant flexibility. We are not dependent on one source of funds.
  • We are a bespoke underwriter of risk. No two transactions are ever the same, so we don’t follow computer driven algorithms or place generic caps on leverage or location.

*Larger loans by exception.

About OakNorth Bank plc

Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.

Since its launch, the bank has:

  • Lent over £9.8bn, directly helping with the creation of 41,000 new jobs and 29,000 new homes across the UK. 
  • Raised deposits from c.175,000 savers.
  • Supported several hundred businesses across the UK with debt finance to pursue their growth ambitions.

OakNorth Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Visit www.oaknorth.co.uk for more information.

Media contact

Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588

You may also be interested in

OakNorth completes £34m club loan to LDC-backed leading digital marketing agency, Croud, to support future acquisitions

Read more

OakNorth completes £1.3m loan to real estate firm, Caissa Holdings, to support maiden acquisition in Scotland

Read more

Private equity-backed SME housebuilder, honey, to build over 250 additional new homes across Yorkshire following £12.2m of further funding from OakNorth

Read more