Riverside Capital, a platform for professional investors and intermediaries to invest in the UK commercial property market, has received a £2.3 million loan from OakNorth Bank. The funding will be utilized to acquire and develop a two-story office in Hoxton. The development is also said to benefit from being within the “Silicon Roundabout” neighborhood, in the Shoreditch, Hoxton and Old Street areas.
Dominic Wright, Group Chief Executive of Riverside Capital, said the supply of second-hand office space is in high demand in this area of London:
“… we’re confident that this redevelopment will be a very popular addition to Hoxton. We’re thrilled to be in a position where we can help provide good quality and expansive office space for London’s growing tech and start-up sector.”
Priya Chauhan, Debt Finance Director at OakNorth Bank, added that SMEs are the backbone of the UK’s economy and they are delighted to be in a position to help fund the development of future office spaces.
“Availability of this type of office space, perfect to house the next successful start-up, is unfortunately decreasing, heightening the importance of our funding to Riverside Capital. We’re thrilled to work closely with Dominic and his team at Riverside Capital and look forward to hopefully supporting them on further developments in the future.”
OakNorth Bank was founded in 2013 and received a full banking license in 2015 – taking deposits and lending to small businesses the same year. The company targets smaller firms, providing access to capital in loans from £500,o00 to £45 million. To date, OakNorth has Lent over £4 billion, directly helping with the creation of over 13,000 new homes and more than 17,000 new jobs in the UK. Approximately 60,000 individuals hold deposits at the digital bank that claims to be one of the fastest-growing Fintechs in the world. OakNorth has raised over $1 billion in capital since launch