Senior Director, Credit Risk - Real Estate

ABOUT US

At OakNorth, we’re on a mission to empower ambitious businesses and the communities they serve. Since 2015, we’ve lent over $21 billion across the UK and US, helped create more than 58,000 new homes and 36,000 new jobs, and supported hundreds of thousands of personal savers — all while driving economic growth in the markets we serve.

We’re an entrepreneurial, technology-led bank, combining deep lending expertise with data, technology and AI to make better decisions and deliver a different experience for our customers.

ABOUT THE TEAM

Our Credit Risk team plays a critical role in enabling OakNorth to support ambitious businesses while maintaining a high-quality lending portfolio. Working closely with Debt Finance Origination, Credit Analytics, Portfolio Management and Legal, we bring together technical expertise, independent judgement and commercial thinking to support lending decisions.

We’re a collaborative, fast-moving team where people are encouraged to challenge, take ownership and find solutions. You’ll be part of this team, bringing dedicated real estate expertise to the same shared portfolio and working closely with colleagues across Credit Risk and the wider business.

ABOUT THE ROLE

We’re looking for a Senior Director, Credit Risk – Real Estate to play a senior role in shaping credit decisions across OakNorth’s UK real estate lending portfolio. You’ll lead the independent assessment and challenge of opportunities across a broad range of SME real estate businesses, from investment and development finance to operational real estate.

This is an opportunity to bring deep property credit expertise and sound commercial judgement to transactions that matter. You’ll work closely with Debt Finance Origination, Credit Analytics and Portfolio Management, influencing deals from an early stage, helping shape their structure and presenting clear, high-quality recommendations to Credit Committee.

As a senior member of the Credit Risk team, you’ll have the trust and scope to influence complex decisions, engage directly with customers and senior stakeholders, and help raise the quality of our approach to real estate lending. You’ll balance disciplined risk management with the opportunity to back ambitious businesses and the communities they serve.

WHAT YOU’LL DO

• Lead credit decisions: Own the independent assessment and challenge of new real estate lending opportunities, bringing clear judgement to decisions across the UK portfolio.

• Shape transactions early: Partner with Debt Finance Origination and Credit Analytics from the outset to identify key risks, test assumptions and develop structures that work for OakNorth and its customers.

• Set the standard for Credit Committee: Lead clear, well-reasoned recommendations and bring constructive challenge to senior credit discussions and decisions.

• Assess complex real estate: Apply your expertise across investment and development finance in residential, office, retail and industrial property, as well as operational real estate such as PBSA, BTR and co-living.

• Get beneath the numbers: Scrutinise cashflow models, Red Book valuations and Project Monitor reports where relevant, making sure each decision is based on reliable, relevant and robust information.

• Work directly with customers: Join borrower discussions with the Debt Finance team, providing an early view on credit appetite, structure and the risks that need to be addressed.

• Protect portfolio quality: Work with Portfolio Management on existing exposures, including loan increases, extensions, covenant resets, restructurings and emerging risks.

• Support strong execution: Review term sheets, security structures and key documentation, working with Legal and Loan Execution to ensure appropriate protections and good customer outcomes.

• Bring independent judgement: Take a balanced, pragmatic view — knowing when to support a transaction, when to challenge and when a proposal should not proceed.

• Help shape our approach: Contribute to strategic work that strengthens real estate credit and the wider team, including thoughtful use of data, technology and AI to improve assessment and decision-making.

YOU’LL BE A GREAT FIT IF YOU HAVE…

• At least 10 years’ experience in credit risk, with deep expertise in SME real estate lending or a strong track record of transferable experience

• Strong knowledge of real estate investment and development finance across sectors such as residential, office, retail and industrial

• Experience with operational real estate, including PBSA, BTR or co-living; experience in SME cashflow lending or lending at fund level would also be valuable

• Excellent financial analysis skills and the ability to assess complex transactions, business plans, cashflows, valuations, downside scenarios and debt capacity

• A strong track record of independent credit judgement, constructive challenge and influencing senior credit decisions

• Confidence leading Credit Committee discussions and engaging with customers, deal teams and senior stakeholders

• A good understanding of SME credit risk models and measures, including RWA, PD and LGD

• Strong experience with risk and control techniques, including setting effective covenants and managing portfolio risk

• The commercial judgement to balance disciplined risk management with backing ambitious businesses

• Clear communication, negotiation and stakeholder skills, alongside the ability to take ownership and manage competing priorities in a fast-moving environment

NICE TO HAVE

• A broader understanding of risk across the SME product lifecycle, from origination and optimisation through to collections and recoveries

• Experience working directly with clients and deal teams on transaction structure and credit appetite

• Experience contributing to strategic projects or improving credit processes and decision-making

WHY OAKNORTH?

At OakNorth, you’ll work on meaningful, complex lending transactions without the layers of bureaucracy often associated with larger institutions. You’ll be part of one Credit Risk team, with the opportunity to bring specialist real estate expertise while working closely with colleagues across the business.

We value independent thinking, commercial judgement and people who take ownership. We move quickly, challenge conventional approaches and use technology and AI to keep improving how we work. As we grow, you’ll have the opportunity to influence not only individual transactions, but how we approach real estate lending and risk management more broadly.

If you’re an experienced real estate credit professional ready for greater ownership, exposure to senior decision-makers and the chance to make a meaningful impact, we’d love to hear from you.

WHAT WE OFFER

• Equity — we want you to have a stake in the business so our interests are aligned

• 25 days’ holiday plus personalised benefits — opt in to what matters to you

• Subsidised private medical insurance with Bupa

• Enhanced maternity and paternity leave

• Wellbeing and social events, plus an in-house Barista Bar in the London office

• Volunteering time off to support causes that matter to you

• Salary sacrifice schemes — cycle to work, nursery, gym and electric car scheme