OakNorth Bank, launched in 2015 aiming to provide access to capital for the “missing middle,” has provided a £900K facility to redevelop an existing major mixed-use scheme in Rock, Cornwall being developed by SWPG Rock Limited.
Founded in May 2020, SWPG Rock Limited, is owned and managed by experienced property developers, Duncan Lloyd-Jones and Carly Lloyd-Jones.
The married couple commented on the financing:
“First constructed in 1996, our Azime Court project provides a diverse, exciting and rare opportunity to secure a strategically located mixed-use property proposition for investors and owner occupiers alike. With Cornwall continuing to be one of the UK’s favourite holiday destinations, attracting over five million travellers each year, we expect demand from both residents and businesses to be high. This was our first time working with OakNorth Bank and we couldn’t be more pleased with our decision. We found their lending process highly flexible and transparent from start to finish, with Michael and his team being able to offer a speed of transaction unlike any other bank we’ve worked with in the past.”
Michael Page, Director of Debt Finance at OakNorth Bank, said they look forward to strengthening their relationship with the developers moving forward and they also hope to support them with more development projects in the future.