Chief Executive and Co-Founder of Oak Capital, Stephen Mitchell has announced the full acquisition of Oak Capital. He will now form a group of specialist lending companies, in partnership with his other business, Resicom, that began in 2006.
Oak Capital was established in 2013 to service the growing Private Lending space in Australia. Since then the company has established and grown its two Mortgage Fund options, lending mortgage products for business purposes secured by real estate nationally. Four partners initially founded Oak Capital, and overtime that has been consolidated to now just that of Mr Mitchell.
Resicom was established in 2006 as a boutique mortgage management firm specialising in the second tier lending market, partnering with some of the largest Non-Bank lenders and originating more than $500M of loans per annum. Resicom is one of the most well-known specialist lenders in the Australian market.
Both companies will continue to retain their separate brands in the market as the group consolidates its position and staffing during the pandemic. Combined, the companies have over 30 staff with its head office in Collins Street Melbourne and combined Assets Under Management (AUM) of circa $700M.
This unique structure of Mortgage Funds complemented by specialised mortgage management products will ensure that the group is the 'go-to' provider of specialist and bespoke lending to its broker, accountant and other intermediary clients. The group has made new appointments, employing six new staff in the last three weeks remotely in Victoria, which Mr Mitchell said was no mean feat. Key management appointments include Craig Robertson, already a 5-year member of Resicom is moving to Head of Business & Risk, Janai Hunter, again an 8-year Resicom veteran is becoming the companies Head of People & Culture. In a fillip for the company, Oak Capital has also appointed Nick Green as Head of Distribution.
Mr Mitchell welcomed Nick to both the Oak Capital and its subsidiary Resicom. "As we scale up our business after the full acquisition, Nick's knowledge, experience and networks will enable him to make a major contribution ", Mr Mitchell said further, "In particular, Nick will spearhead our combination of Funds Manager and Mortgage Manager, drawing on our ability to provide brokers and referring clients with a streamlined yet flexible product offering with competitive pricing structures".
Further to this, Oak Capital Director and Head of People and Culture Janai Hunter added that "Nick's appointment heralded a new chapter in the group's history of providing bespoke results for our client base. The national distribution team is well placed for success in 2021 and beyond".
With the COVID-19 pandemic inflicting change upon small and medium businesses throughout Australia, Oak Capitals residential and commercial product range stands ready to assist the market with fast and reliable bespoke non-bank lending options.