Challenger bank OakNorth has completed its largest-ever deal, a £21m loan for the development of a new luxury hotel in central London.
The lender, which launched in September 2015, was introduced to the deal to develop L’Oscar by Stonehouse Finance.
The hotel will be situated at 2-6 Southampton Row in Holborn in a Grade II-listed former Baptist church. It is expected to open its doors early next year.
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The hotel, designed by architect Jacques Garcia and managed by Michael Voigt, will have 40 bedrooms, as well as a bar, restaurant, cafe and conference facilities.
Tony Tadros, director at Stonehouse Finance, said: “We are delighted to have worked with OakNorth – while arranging the debt for this transaction, we found the team to be incredibly swift, efficient and focused on closure within the tight deadline.
“A very refreshing, and impressive property finance proposition, and we look forward to our next transaction with the team.”