Glenhawk has launched a new 2-year property investment product, in direct response to market feedback, as existing lenders pivot towards longer-term products as rising interest rates impact funding costs.
The product is part of Glenhawk’s strategy to further diversify its current residential, commercial, mixed commercial and development exit product offering for unregulated bridging, as well as regulated bridging product.
It follows the increase in its maximum bridging loan size to £10 million, announced in September.
Michael Clifford (pictured), commercial director at Glenhawk, said: “Diversifying our product range in response to market demand is central to the delivery of our £1bn annual lending target.
“With lenders switching focus to longer-term products, a general tightening of lending criteria and increased pricing, we feel now is the right time to launch a property investment product.
“It will support borrowers who do not wish to tie themselves into significantly higher priced long-term products that may also come with ERCs or prepayment fees.
“Crucially, we have the certainty of funding in place to offer professional investors a competitively priced product, with the flexibility to match their short to medium term investment strategies.”
Glenhawk is targeting borrowers who plan to acquire or refinance, income producing, commercial real estate assets, or specialist residential assets (including MUFB or HMO).
Glenhawk will leverage its bridging experience to deliver process efficiencies and complete loans swiftly, without tying borrowers into long-term lending contracts with large early repayment charges or prepayment fee clauses.
