TLT has advised specialist asset-based lender Ultimate Finance Group on a £20m loan-on-loan facility from OakNorth Bank plc.
The capital from OakNorth will help support Ultimate Finance with the growth in its bridging loan book, providing essential short-term funding to enable property developers and investors to complete projects and have the breathing space to secure sales or long-term finance.
TLT partner Anna Vangrove led the team, with support from the firm’s national banking and real estate teams including legal director Richard Clark, partner Patrick Sheehan and associate Ben Jackson. The team advised Ultimate Finance on all aspects of the funding including structuring and implementation of the loan-on-loan facilities.
Anna Vangrove, Partner at TLT said: “We are pleased to have advised Ultimate Finance Group on all aspects of the funding by OakNorth. It’s great to have been able to support them on the next stage of their growth plans.”
Polly Russell-Stower, Legal General Counsel at Ultimate Finance Group, commented: “We are grateful to the team at TLT for their advice and support on this transaction. Their relationship with our business and understanding of our needs and the OakNorth facility means we have the best possible start to our partnership with OakNorth to enable us to continue providing the support our customers need to keep their business’ moving.”