Oblix Capital has raised a new £50m funding line from OneSavings Bank (OSB), which will provide additional capacity to support its clients with bridging and development finance.

The company, led by property developer Rishi Passi and management team of managing director Anuj Nehra and operations director Snizhana Yesaulenko, has grown rapidly since it was founded in 2014, and built up a suite of short-term property finance products.

Passi, CEO, said: “We have witnessed exceptional growth over the past four years, and we’re very much excited about this new partnership with OneSavings Bank as we look to further fulfil our strategic ambitions. The new funding line, together with our own proprietary funds, will allow us to enhance our current product range and appetite, offering an even better solution to our valued customers.

“I would like to take the opportunity to thank the teams at OneSavings Bank, EY and my colleagues at Oblix for all their hard work in cementing this relationship.”

“We are pleased to work with the teams at OSB and EY, some of whom I have known in the industry for many years,” said Nehra.

“The added capacity provides us with over £100m of funding and allows us to deploy our capital wisely. This is a big step forward for Oblix, who have well and truly placed themselves as credible lenders in a market that is increasingly becoming sophisticated as it grows to meet the challenges of providing simple funding solutions to its customers. We have had to step up collectively as a team and I am happy to say that the team responded brilliantly.”

Steve Attree, head of secured finance at OneSavings Bank, added: “OSB has been providing senior secured funding lines to experienced, good quality lenders in the specialty finance sector for the past four years and we are pleased to welcome Oblix Capital as a new relationship.”