OakNorth Bank has suffered its first two defaults on property-backed loans and is seeking to offload a portion of its larger deals to reduce risk, according to The Sunday Times.
The two defaults are understood to represent less than 1% of the bank’s £3bn net lending and have not yet led to credit losses, the newspaper said. The defaults are the first since it began lending in 2015.
You must be logged in to continue
Register for free to finish this article
Due to the unprecedented challenge facing our industry at this time propertyweek.com will be entirely free to view to all users until 19 April. Register now to benefit from the following:
To access this article REGISTER NOW
Would you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.