Source: OakNorth
OIMIO, a new commercial real estate lender focused on small and medium sized real estate investors (target loan sizes EUR 1m-10m) launched today in the Netherlands.
Through leveraging OakNorth’s Platform, OIMIO will bring the bespoke approach to loan structuring typically reserved for large companies, to the small and medium-sized business segment. For decades, these businesses have been overlooked and underserved as it has not been possible for banks to profitably conduct the level of in-depth underwriting needed to effectively address their needs in the time-frames they need it. However, by leveraging machine learning, credit science and massive data sets, the OakNorth Platform is enabling lenders such as OIMIO to achieve this and transform the way small and medium-sized businesses around the world are serviced.
Rishi Khosla, co-founder of OakNorth, said: “We know from leveraging the Platform via OakNorth Bank in the UK, that the positive multiplier effect of supporting small and medium-sized businesses is substantial. The $5bn OakNorth Bank has lent to date has directly helped with the creation of 13,000 new homes, of which 11,700 are affordable and social housing, as well as 17,000 new jobs in the UK. Through licensing our platform to other banks and lenders around the world, we’re enabling them to replicate what OakNorth Bank has achieved in the UK, and in turn, multiply this multiplier effect. In OIMIO, we’ve found a committed partner who shares our vision to fix small and medium-sized business lending, so we’re delighted to be working with them to achieve this.”
Jeroen Belt, founder of OIMIO, said: “Small and medium-sized commercial real estate investors need a partner they can trust who can provide them with finance from EUR 1 million to EUR 10 million that is customized to their unique needs quickly. We are excited to work with OakNorth, our trusted partner in setting up this new platform. Through deploying OakNorth’s Platform we hope to achieve a similar positive impact OakNorth Bank has had in the UK.”