The London Actively Managed Property (LAMP) Fund is a dedicated fund of KMG SICAV - SIF, a Luxembourg-registered "Societe d'Investissement a Capital Variable" authorised and regulated by the Luxembourg regulator, the Commission de Surveillance du Secteur Financier (CSSF).
The Fund has over £9.5m assets under management and invests in UK real estate. It approached us to secure a loan to make further strategic residential acquisitions, in particular properties in London and the South East.
The growth opportunity
London-based specialist property consultants, Cignet Capital Management LLP (“Cignet”), who assist the Fund in sourcing their property transactions, felt OakNorth would be the perfect partner for the type of flexible debt provision the Fund required.
Charles Hallett, managing partner at Cignet, commented: “It was an absolute pleasure working with OakNorth Bank on this deal - we really felt like the team was working with us and taking the time to understand the Fund itself and the Cignet business, rather than pursuing a box-ticking exercise, which meant we were able to complete the deal in weeks rather than months."
It was an absolute pleasure working with OakNorth Bank on this deal.
How OakNorth helped
OakNorth provided the fund with a bespoke credit facility using the fund’s properties in the UK as collateral. The deal – from first meeting to the disbursement of capital – was completed in six weeks, significantly less time than it would have taken with a larger, traditional institution.
This is the second bespoke facility OakNorth has provided to a fund since it began lending last September. Many funds of this size or in this space don’t have debt/liquidity facilities as most banks see them as too complex so don’t want to invest the time in understanding their business model and funding requirements. This means the market is greatly under-served.
The flexibility of our bespoke facility, makes it very attractive to fund managers as it provides them with immediate liquidity when needed and/or leveraged returns.
Charles’ advice for business owners seeking growth capital in the future is to choose a provider whose process is transparent and collaborative. He appreciated the fact that OakNorth provided the opportunity to meet the decision makers and pitch to them directly: “It was great to have the opportunity to come in and discuss our proposal directly with the Credit Committee at OakNorth; a refreshing approach that’s very different to what you find at other banks.”
For more information on London Actively Managed Property Fund, please visit their website: