Launched in September 2015, OakNorth is a UK bank that provides fast, flexible and accessible debt finance (from £500k to £30m) to fast-growth businesses and established property developers / investors.
Since its launch, the bank has:
Turned cash flow positive in month 11 (August 2016) and repaid all its accrued debts;
Grown its loan book to over £1.2bn, directly helping with the creation of 5,100 new homes and 4,000 new jobs in the UK;
Secured £364m in investment from a number of investors, including: GIC, Toscafund, Indiabulls, Coltrane, The Clermont Group, and Indiabulls, valuing the company at almost $1.4bn;
Raised deposits from c.13,000 savers;
Won numerous awards and been recognised as one of the UK’s fastest-growing businesses being listed on both the Leap 100 (2017) and Tech City UK’s Future Fifty (2018).
The bank was founded by Rishi Khosla and Joel Perlman, themselves entrepreneurs who were inspired to launch OakNorth following the challenges they faced in securing debt finance from high street banks for their previous business, Copal Amba (which scaled to c.3,000 employees and was acquired by Moody’s Corporation in 2014).
To help fund its lending, OakNorth also offers a range of savings accounts (fixed, easy access and notice) to individuals and businesses (fixed accounts only).
Origination, structuring and execution of transactions that meet the lending requirements of OakNorth
On-going management and further development of existing customer relationships, along with identifying new relationships and opportunities in the market
Build the profile of Bank in the external market with, for example SMEs, KBIs, Advisors and Private Equity firms
To assess appropriate organic and inorganic growth opportunities for OakNorth Bank in the market
Spreading of financial accounts and financial modelling
Analysis of financial accounts and management information and preparing credit memorandums
Analysis of financial models including forecasted cash flows and sensitivities to assess debt capacity and repayment
Ensuring transaction are documented in accordance with credit approved terms and credit sanctions
Meeting team and individual targets including profit, credit quality, new customers, retention and customer satisfaction
Overview of ongoing relationship management and client experience
Drive innovation in the product proposition to improve customer experience levels whilst maintaining asset quality
Ensuring high level of customer experience at all times
Meeting team and individual targets set by OakNorth ExCo, CEO and the Board
Structure transactions appropriately, and prove full credit reports to sanctioning authority
Timely reporting of all aspects of origination to Head of Business Development
Maintaining close relationships with customers and reporting to Credit in line with policy, in a timely manner
Act in accordance with OakNorth Bank’s values at all times
A background in front office and risk within SME Commercial Banking or Leveraged Finance
In depth understanding of SMEs or Leveraged Finance banking environments
Excellent communication and customer facing sk
Good understanding of business processes, strategy and credit policies
Strong credit, financial analysis and modelling skills, including the ability to write good quality, structured credit papers
Experience in the analysis of senior, stretched senior and mezzanine cashflow unsecured transactions
Legal documentation skills
Experience in presenting credit case internally to a credit committee
Strong problem solving ability
Degree in Finance/Commerce or equivalent
Still want to know more?
Here are some quick facts about OakNorth
We have now helped 250 businesses across the UK achieve their growth ambitions.
In 2017, we secured a £250 investment, valuing the company at $1.4bn and making us the fastest business in European history to reach a "unicorn" valuation.
Our loans have directly helped with the creation of over 5,000 new homes and 4,000 new jobs in the UK.
More job openings
Director, Property Finance
We are looking for an exceptional Director, Property Finance with a property development focus who will help us achieve our growth targets for the business. Role is based in OakNorth’s London offices.