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

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.