OakNorth Bank sets up £20m Raw Mortgage Fund loan

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  • 24/09/2019
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OakNorth Bank sets up £20m Raw Mortgage Fund loan
OakNorth subsidiary OakNorth Bank has provided a £20m loan to the Guernsey-based Raw Mortgage Fund a specialist fund providing buy-to-let property loans against residential real estate in the UK.

 

Founded in May 2015, Raw will use finance from OakNorth as a liquidity line. 

The fund, which has originated more than 200 loans since launch at an average valuation of only 48 per cent, aims to provide a consistent level of dividend income or capital growth through direct mortgage lending on UK residential buy-to-let properties.

Tim Parkes, managing director and lead fund manager at Raw Mortgage Fund, said: “OakNorth Bank has done a fair amount of property lending itself so has a great understanding of the sector, the performance of property assets and can structure a facility which is suitable for our fund.”

Mohith Sondhi, senior director of debt finance at OakNorth, added: “The Raw Mortgage Fund’s directors have over 100 years combined experience between them from a variety of disciplines including: banking, asset management, broking, insurance and accounting.

“This experience has clearly paid off as they’ve been able to provide very consistent returns to investors.”

Raw offers two funds: the Raw Mortgage Fund and the Raw Sterling Cash Deposit Fund – a high interest, highly diversified bank deposit fund which invests solely in a range of bank deposits and certificates of deposit with banking institutions.

 

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