Oblix Capital raises new £50m funding line from OneSavings BankPosted by oblixcapital on Jun 08 2018
Oblix Capital is pleased to announce that it has raised a new £50m funding line from OneSavings Bank (OSB), which will provide additional capacity to support its clients with bridging and development finance.
The company, led by experienced property developer Rishi Passi and management team of Anuj Nehra (MD) and Snizhana Yesaulenko (Operations Director), has grown rapidly since it was founded in 2014, and built up a broad suite of short-term property finance products.
Commenting on the new funding line from OneSavings Bank, Rishi Passi, CEO, 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.”
Anuj Nehra, Managing Director of Oblix Capital, adds: “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 £100m 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.”
Steve Attree, Head of Secured Finance at OneSavings Bank, adds: “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.”
Oblix Capital was advised by the Financial Services Corporate Finance team at EY.
Nick Parkhouse, Associate Partner at EY, comments: “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.”