It launches a new unregulated bridging product set
Specialist real estate lender Glenhawk has announced a new unregulated bridging product set, increasing its maximum loan size from £5 million to £10 million.
Launched in direct response to client feedback and targeting an increasingly underserved part of the market, Glenhawk said the new range builds on its current residential, commercial, mixed commercial, and development exit product offering.
The unregulated product range offers up to 75% loan-to-value (LTV) for single and portfolio residential and development exit, up to 70% LTV for commercial and mixed commercial. These products have a maximum term of 24 months, with maximum loan to purchase price increased to 90%.
Last week, the company announced it had agreed a £200 million senior funding line with NatWest Markets, which will support the new product rollout and overall increased volumes. It sits alongside the lender’s existing funding line with J.P. Morgan and benefits from NatWest’s experience in the high-growth UK bridging sector.
Read more: Glenhawk secures £200 million funding from NatWest Markets.
Glenhawk believes that the new product range will allow it to capitalise on borrower demand created by changes to permitted development rights, developers extending their exit time, and increasing professional investment in residential for rent and hospitality property.
“This is a part of the market dominated by a small number of banks and specialists, where we believe our focus on service, coupled with our multiple institutional funding lines, will position us a partner of choice with a range of borrowers,” Nick Hilton (pictured), managing director at Glenhawk, said. “A combination of market volatility and regulatory change has created opportunities for property professionals looking to take advantage of repositioning their portfolios.
“Increasing maximum loan sizes, at competitive LTVs, will allow us to help more of these professionals meet their goals and ambitions. Delivering this requires a combination of deep sector expertise, and a high conviction in property fundamentals. Glenhawk ticks all these boxes, as we accelerate towards our target of lending £1 billion annually by 2024.”
