Challenger bank lends £19.2m to boutique developer



OakNorth has completed a debt finance deal worth £19.2m with a boutique property developer.

The specialist bank has once again chosen to partner with the exit-orientated property investment company Cogress, who will provide a further £5.6m of equity to Linton Group.

Linton Group will use the finance to develop a six-storey building containing nine luxury apartments with a total GDV of £35m on a 14,000 sq ft site.

The development is based at 4-6 St Edmund Terrace, a short walk from Primrose Hill and Regents Park.

Linton Group has a large portfolio of high-profile projects, including the Maple Building in Kentish Town and Parker House in Paddington.

Cogress has previously teamed up with OakNorth on deals, including one involving Urbanista.

Damien Hughes, property finance director at OakNorth, said: “The first half of this year has been phenomenal for OakNorth – we’ve closed over 30 property deals with several more in the process of being credit-approved and transacted.

“This is the second transaction we’ve done with Linton Group and one of several that we have done with Cogress.

“We look forward to working with them both on additional deals in the future.”

 Gary Linton
Gary Linton, founder and managing director of Linton Group

Gary Linton, founder and managing director of Linton Group, added: “This major financing arrangement reflects the rapid growth and ongoing expansion of Linton Group.

“I am delighted to have both OakNorth and Cogress’s support – they work seamlessly together and I was very impressed that we were able to agree the deal within an hour of the credit committee meeting.”

 



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