OakNorth suffers first defaults, according to report

Rishi Khosla co-founder of OakNorth Bank

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.

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