Why are we investing in Asset Finance talent for the future
25th November 2021
- White Oak has completed a £150m securitisation facility from Barclays Bank, with the independent lender to deploy the funds to SMEs and mid-sized corporates via asset finance solutions
- Completion of the facility comes as White Oak focuses on growing its asset finance business as it looks to support post-pandemic recovery
- White Oak funds a range of assets at competitive rates across different sectors including Agriculture, Manufacturing and Construction
16 November, London:
Independent business lender White Oak has announced it has completed a securitisation facility from Barclays Bank Plc (“Barclays”), with the funds set to be deployed to SMEs across the UK via asset finance solutions.
White Oak is committed to supporting the UK’s economic recovery and will use this facility to enable SMEs and mid-size corporates to invest in their business and drive productivity and growth. This comes as the UK Government implements several measures to encourage businesses to invest, including the super deduction which allows businesses to cut their tax bill by up to 25p for every £1 they invest.
With a balance sheet of c. £500 million, White Oak is one of the largest non-bank SME lenders in the UK. The firm has been instrumental in supporting a range of SMEs and mid-sized corporates during the pandemic via the CBILS scheme as well as its existing lease and loans products.
Building on an established track record in the UK since 1986, White Oak is now set to deploy significant capital into asset finance over the coming years while continuing to grow its loans business. White Oak will deploy support across a range of sectors including agriculture, manufacturing, and construction with its team of consultants having a wealth of experience from across these sectors.
The specialist asset finance securitisation facility is the second that White Oak has put in place with Barclays following a £150 million CBILS securitisation facility in September last year.
White Oak recently announced a new HQ office in Chester to support continued growth for the business. With offices in London, Glasgow, Southampton, and Chester, White Oak benefits from national coverage, and its 100+ origination force has approved loans for SMEs and mid-sized corporates right across the country, with 79% of lending so far deployed to businesses outside of London.
Daniel Werchola, Chief Strategy Officer at White Oak Europe, said:
“Having focused on supporting SMEs and mid-corporates through the pandemic with both CBILS and our traditional lending products, we now see a great opportunity to support the UK economic recovery by further deploying capital into asset finance products for our customers alongside our loan products. We are pleased to have worked with Barclays on this transaction, which will support our continued growth.”
Doug Banks, Treasurer at White Oak Europe, said:
“We are pleased to have successfully executed another significant transaction with Barclays, working together to develop this specialist facility. This adds another securitisation to our diverse funding mix that allows us to efficiently deploy funds into the SME and mid-corporate market.”
About White Oak
White Oak has been lending to UK businesses since 1986 through the former LDF Group which was acquired in 2018 by White Oak Global Advisors, LLC, on behalf of its institutional clients.
The organisation provides business loans, equipment finance and asset-based lending solutions to SMEs and mid-corporate clients across the UK.
In the last five years, the business has lent over £1.5 billion from its own balance sheet to UK businesses to over 45,000 customers.
White Oak currently supports over 20,000 SME clients in the UK including a diverse number of sectors through its multi-product, multi-channel distribution model with a focus on building deep client relationships through its offices and field-based support services.
For further information please contact: WhiteOakUK@grayling.com