Tenn Capital, a provider of short-term lending, has announced that it has acquired Jersey-based alternative lender Oaklands Secure Lending.
In a statement on 28 February, it said Oaklands will immediately rebrand to Tenn Capital.
Tenn Capital offers short-term loans secured against UK and selected international residential real estate, allowing borrowers to access liquidity quickly to purchase, refinance or release equity from their residential real estate.
This transaction will give Tenn Capital a physical presence in both Guernsey and Jersey, as it prepares to significantly increase lending activity across the Channel Islands.
Matt Watson, CEO of Tenn Capital, said: "This is an important milestone in the development of Tenn Capital. Tenn has grown rapidly since we launched in 2021. We have a clear vision for the business and having a significant presence in Jersey is a key part of our ambitious growth plans.
"We think the lending market is primed for consolidation as high quality originators and operators seek out stable and reliable funding for their clients. Tenn intends to be active in this process.
"The Oaklands team are capable, experienced and motivated. I am absolutely confident they will deliver a fantastic, responsible lending service to both the local Jersey market as well as providing innovative financing solutions to the international corporate service provider market.
"The pace at which this deal completed highlights how aligned both businesses are. We are all delighted with the outcome and the exciting growth potential this provides."
Steve O'Brien, managing director of Oaklands, said:"We are delighted to join forces with Tenn Capital. The lending space is going through an adjustment process with rising interest rates and inflation at 30 year highs. Combining two businesses that complement each other makes strategic sense and we are incredibly excited about our future as part of the Tenn family.
"We share the same core values as Matt and his team which will make the integration process relatively seamless. With the significant funding lines available to Tenn, we now have the capability to offer comprehensive lending solutions worldwide, which is a unique and compelling competitive advantage in our jurisdictions.
"This deal will create substantial value for our clients and offers serious firepower in the asset backed lending space. We look forward to growing the business over the coming months and years".
Tenn Capital is a non-bank lender which offers short-term loans secured against international real estate for high net worth borrowers.
The company was founded in 2021 by Matt Watson, CEO Tenn Capital; Islay Robinson - CEO of Enness Global Mortgages; Hugh Wade-Jones - MD of Enness Global mortgages and Nigel Le Quesne - CEO of JTC.
