Glenhawk has launched a new unregulated bridging product set, increasing its maximum loan size from £5m to £10m.
Launched in direct response to client feedback and targeting an increasingly underserved part of the market, the highly competitive range builds on Glenhawk’s current residential, commercial, mixed commercial and development exit product offering.
The range is available up to 75% LTV for single and portfolio (including MUFB) residential and development exit and up to 70% LTV for commercial and mixed commercial.
The maximum term is 24 months while the maximum loan to purchase price increased to 90%.
This new product range will allow Glenhawk 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.
Last week the Company announced it had agreed a £200m senior funding line with NatWest Markets which will support the new product roll out and overall increased volumes, on a fixed rate basis, providing clients and brokers with a certainty of funding cost.
It sits alongside Glenhawk’s existing funding line with J.P. Morgan and benefits from NatWest’s experience in the high growth UK bridging sector.
Nick Hilton, managing director at Glenhawk, said: “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.
“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 £1bn annually by 2024.”
