Anuj Nehra, managing director of Oblix Capital, has described raising a new £50million funding line from OneSavings Bank (OSB) as a “big step forward”.
The move will provide additional capacity to support Oblix Capital clients with bridging and development finance.
The company, led by experienced property developer Rishi Passi and Mr Nehra and operations director Snizhana Yesaulenko, has grown rapidly since being founded in 2014, And in that time, it has built up a broad suite of short-term property finance products.
The link-up is one which makes total sense given the already established relationships in place, adds Mr Nehra, who also welcomed advice from the financial services corporate finance team at EY.
He added: “We are pleased to work with the teams at OSB and EY, some of whom I have known in the industry for many years. The added capacity provides us with over £100million of funding and allows us to deploy our capital wisely.
“This is a big step forward for Oblix, who have well and truly placed themselves as credible lenders in a market that is increasingly becoming sophisticated as it grows to meet the challenges of providing simple funding solutions to its customers. We have had to step up collectively as a team and I am happy to say that the team responded brilliantly.”
OneSavings Bank CEO Rishi Passi says that he believes the new funding line is an exciting development. He said: “We have witnessed exceptional growth over the past four years, and we’re very much excited about this new partnership with OneSavings Bank as we look to further fulfil our strategic ambitions.
“The new funding line, together with our own proprietary funds, will allow us to enhance our current product range and appetite, offering an even better solution to our valued customers.
“I would like to take the opportunity to thank the teams at OneSavings Bank, EY and my colleagues at Oblix for all their hard work in cementing this relationship.”
Meanwhile, Steve Attree, who is head of secured finance at OneSavings Bank, says he welcomed the new relationship.
He added: “OSB has been providing senior secured funding lines to experienced, good quality lenders in the specialty finance sector for the past four years and we are pleased to welcome Oblix Capital as a new relationship.”
Nick Parkhouse, who is an associate partner at EY, says the development is one of which he expects to see more in the future.
He said: “We are delighted to have advised Oblix Capital on raising funding that will support its future growth strategy. Smaller property investors and developers remain underserved by the banking sector, and we are increasingly seeing opportunistic firms like Oblix Capital entering the market to plug the gap.
“While this could be viewed as a missed opportunity by the banks, it is encouraging to see smaller, more nimble firms take a foothold in this space, and we expect this trend to continue in the coming years.”