OakNorth has announced that they have managed to complete their largest deal in the company’s
history. The company has managed to complete a loan with the value of £21 million as part of the
development of a new luxury hotel. This loan is the largest the company has completed on since they
first launched in 2015.
The UK bank that has been involved in nonstandard lending has revealed that they were first introduced
to the deal by the Finance Company Stonehouse. It is thought that the loan will go towards the
completion of a 40 bedroomed luxury hotel that will be located in Holborn, L’Oscar. As well as the
massive loan that has been agreed with OakNorth, the development will also be receiving £3 million in
funding from RM Funds.
The new hotel will be located on 2-6 Southampton Row in Holborn. The location used to be a Baptist
Church Headquarters and currently standing there is a Grade II listed building. The Luxury Hotel will be
designed by Jacques Garcia and will have 40 bedrooms. The Hotel will also have a bar, restaurant, café
and a number of different conference facilities created at the Holborn site. When completed, which is
thought to be at some point at the beginning of 2018, the hotel will be managed by Michael Voigt. Voigt
has been chosen for the role because he has more than 20 years’ experience in the luxury hospitality
sector.
The Bank has been involved in the funding of a number of different hotel developments including a 200
bedroomed aparthotel which is located in Liverpool. The Bank has been commended for being fast and
efficient while arranging the loan which allowed Stonehouse finance to work to a strict deadline.
Hopefully this recent transaction will be the start of a successful business relationship between
OakNorth and Stonehouse Finance.
