OakNorth Bank has provided a £10.6 million loan to Nine Points Property, a commercial landlord and developer which focuses on acquiring existing care homes, residential properties and offices, and refurbishing them into homes for young adults up to 17 years old, family assessment centres, and specialist schools.
Established in 2016 and headquartered in Litchfield, Hampshire, Nine Points Property has completed 12 projects to date across the UK and has more than 10 currently in progress. The company stated that the capital from OakNorth Bank will be used to support its buy and build strategy to complete many more properties over the coming years.
Simon Morris, director at Nine Points Property, said: “We have a growing portfolio of properties across the UK in both the residential and residential care sectors, and ambitions to significantly expand it in the years ahead. With OakNorth Bank’s support, we’ll be able to do this – not only did the team stay true to their promise of moving quickly, but they also designed a bespoke facility which gives us the flexibility to acquire the sites, and then refurbish them, all under one facility. Most other lenders would make us take out a facility to acquire the site and then another to refurbish it, which would delay the process and mean we couldn’t grow as quickly as we’d like.”
Greg Manson, associate director of debt finance at OakNorth Bank, commented: “Nine Points is helping deliver a vital service to local communities across the UK. In just five years, it has successfully completed a dozen projects, building out its offering to provide a full range of commercial development services – from minor additions to existing sites, to full-service property sourcing, development, and lease back arrangements. It has strong tie-ups with some of the leading providers in this space, helping to support families and young people. With ambitions to complete another 12 projects in the next 12 months, we’re delighted to be their chosen funding partner for this growth.”
Law firm Lawrence Stephens advised OakNorth Bank on the transaction.
Date published: September 23, 2021