OakNorth has announced it will be doubling the size of its Manchester team due to an increase in demand for its loans in the region.
The lender has had an operations team in Manchester since its inception, which has grown to 15 people.
However, it is looking to expand this team to 30 people in 2019.
This expansion will include the introduction of loan originators to serve the North of England.
OakNorth has completed several transactions in the region this year – including a £40.2m loan for 356 new homes in Manchester – while its loans have helped to build 2,100 new homes in the North to date.
Ben Barbanel, head of debt finance at OakNorth (pictured above), said: “Since our launch in September 2015, we have helped hundreds of businesses across the UK achieve their growth ambitions, creating thousands of new homes and jobs in the process.
“We have done numerous deals with businesses in the North of England, transacting loans from our headquarters in London.
“However, given our pipeline for 2019 and the demand we are seeing from businesses in the North, there is a need to have a local debt finance team with the ability to make credit decisions on the ground in the North.
“We currently have a world-class technology and operations function managed out of Manchester, so we want to continue building on this, tapping into the local talent pool to broaden our regional offering to lending as well.”
Tim Newns, CEO at Manchester’s inward investment agency MIDAS, added: “OakNorth doubling its team in Greater Manchester perfectly reflects the booming business environment in the city region and across the wider North of England.
“With a growing fintech market as well as the largest regional financial, professional and business services industry outside of London employing more than 320,000 people, Manchester is fast becoming the business location of choice for firms looking to capitalise on our finance and tech talent.”
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