Glenhawk plans H1 product launch after securing FCA authorisation

The lender also said it had reached £100m of lending completions since launch and had “significant 2020 growth ambitions”.

It totalled £59.1m of lending in 2019, up 150 per cent on 2018, through 74 loans, with £24.8m recorded in the third quarter, £12m of which was in September.

This activity led to a six-fold increase in revenues and seven new hires taking the team to 20, the lender said.

Glenhawk launched in January 2018 with £30m of its own funding, to which it subsequently added a £75m funding line from Shawbrook Bank later in the year.

CEO Guy Harrington told Specialist Lending Solutions in November 2018 that the lender expected to be FCA regulated by Q1 2019, where it would then be able to offer a full suite of additional products.

“Not just regulated bridging but term products, buy to let, homeowner, end of life products – we’re quite keen to get into those and there’s a few other things in pipeline we’re considering,” he said at the time.

Confirming the authorisation had been completed, Harrington said: “This is a significant step forward for Glenhawk as it allows us to build on the success and momentum we have built in the short-term bridging market and start providing loans to a much wider universe of borrowers, while remaining true to our ethos of responsible lending and diligent underwriting.

“Our performance last year and our success in becoming FCA regulated provide further evidence of the increasing role that non-bank finance can play across the personal and professional real estate world.”