OakNorth acquires stake in ASK Partners

The two businesses have worked together over the last five years, providing finance to SME housebuilders and property developers on 45 joint transactions. They said that with their business goals being aligned, it made sense to take that partnership further. ASK said that the deal would help it become “the go-to platform” for private investment in alternative real estate debt.

Since its launch in 2016, ASK has delivered over £1bn of real estate lending across the UK. Transactions are listed on its online platform, covering the likes of bridging loans and development exit loans, with funding provided by its network of institutional partners, family offices and high net worth individuals. The lender said that typically these transactions are fully subscribed within a few hours of listing.

‘A natural evolutionary step’

The deal has been approved by both the Prudential Regulation Authority and the Financial Conduct Authority. ASK will operate as a fully independent office, with its team continuing to be based in its Harley Street offices, following the transaction.

As part of the deal, Ben Barbanel, head of debt finance at OakNorth Bank, will be joining the ASK board. He said: “Like us, ASK has a strong focus on customer experience and credit quality and has built a fast-growing and profitable business.” 

Daniel Austin, CEO and co-founder of ASK, said that the businesses had gotten to know each other very well over the last five years, with this deal a “natural, evolutionary step”.

He added: “We strongly believe that the backing of a regulated bank will help ASK to fulfil its long-term potential and create a greater range of finance options and investment opportunities for our clients.”