White Oak grows asset finance business with £150 million facility

Independent business lender White Oak has completed a second £150 million securitisation facility from Barclays Bank with the funds set to be deployed to SMEs and mid-sized corporates across the UK via asset finance solutions. This follows a £150 million CBILS securitisation facility agreed with Barclays in September last year. The funder plans to deploy significant capital into asset finance over the coming years across a range of sectors including agriculture, manufacturing, and construction, while continuing to grow its loans business.

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.”

With a balance sheet of around £500 million, White Oak is one of the largest non-bank SME lenders in the UK. The company 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.