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Glenhawk’s bumper Q3 puts firm on track for £100m goal

  • 08/10/2019
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Glenhawk’s bumper Q3 puts firm on track for £100m goal
Specialist lender Glenhawk originated £24.6m of loans in the third quarter of 2019.

The quarterly results mark the lender’s strongest period since it launched at the beginning of last year.

Glenhawk agreed 25 new loans at an average size of £950,000 and received £190m of enquiries during three months from July to September.

Guy Harrington (pictured), chief executive of Glenhawk, said: “The scale of our growth and being on track to lend over £100m within two years of launching is a phenomenal achievement, all the more so given the unprecedented economic and political backdrop.”

Since launching in January 2018, Glenhawk’s now 21-strong team has lent more than £80 million, across 124 loans with a gross asset value of £142m and is on track to deliver on its target of £100m of new lending by the end of 2019.

More than £1bn of bridging lending was completed by members of the Association of Short Term Lenders (ASTL) between April and June.

The figure was a 12 per cent bounce back after a downturn in the early part of 2019 which saw just £899m of completions.

The £1.004bn of new completions in Q2 was 4.1 per cent up on the same period in 2018.

“The strong demand we are seeing for short-term bridging products reflects the increasing acceptance of the role that non-bank finance can play in the real estate ecosystem and the opportunities for borrowers in this low price, low rate environment,” said Harrington.

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