OakNorth has provided its first global financing facility after lending £15m to Elandis.
Elandis is an international hospitality and real estate ownership, development and property management group.
It is a subsidiary of the Libra Group, a privately owned international business group comprising 30 subsidiaries active in 35 countries across six continents.
The funding will be used for general corporate purposes, including capital expenditures and working capital.
OakNorth said the facility demonstrated its ability and commitment to fund overseas corporates looking for UK funding with a tailored solution.
“Since our launch in September 2015, we have been very fortunate to work with a variety of borrowers in various sectors,” said Ben Barbanel, head of debt finance (pictured above), and Mohith Sondhi, debt finance director, both at OakNorth.
“However, this was our first transaction with a global company, so we were delighted to be doing it with such a diverse and experienced management team.
“Being able to work closely with the borrower and understand their requirements, we were able to tailor a bespoke solution which provides them with the facility they were seeking.”
Elandis has a global portfolio of real estate, both developed and under development.
It has bought and repurposed 2,600 residential units, 22 hotels, 11 commercial assets and several development projects, mainly across the Americas and Europe.
“The team at OakNorth came up with a bespoke, structured solution,” said Luis Pulido, chief financial officer at Elandis.
“They were incredibly supportive, constantly updating us and ensuring we knew what information to provide them with.
“We look forward to working with the team again in the future.”
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