Challenger bank OakNorth backs Shoreditch apartments

Small-business lender OakNorth is pumping £10 million into luxury flats near Silicon Roundabout.

The challenger bank — which specialises in debt finance — has agreed to lend the money to Nicole Bremner, the founder of property development company East Eight, and Avi Dodi., to build four upmarket penthouses in City Road in the heart of Silicon Roundabout, and nine apartments in Dalston Lane.

Former Goldman Sachs banker Bremner founded the business in 2015.

It is the latest in a string of deals by OakNorth. Last week the company said it had completed a £17.5 million refinance package with Ankor Property Group for two student accommodation buildings in Ealing and Greenwich.

OakNorth director Priya Harley said: “Pre Brexit vote, our loan book stood at £98 million with about half of the portfolio being in property. By the end of 2016, our total loan book had tripled to £300 million and by the end of last year, it was £1 billion.”