Glenhawk launches unregulated bridging range with doubled max loan size

The range is in response to client feedback and is aimed at an “increasingly underserved part of the market”, the lender said.

It is in addition to its residential commercial, mixed commercial and development exit product offering.

The range will offer up to 75 per cent loan to value (LTV) for single and portfolio, including multi-unit freehold blocks (MUFB), residential and development exit.

It is also eligible up to 70 per cent LTV for commercial and mixed commercial.

The maximum term is 24 months and the maximum loan to purchase price has gone up to 90 per cent.

Glenhawk said that the product range would allow it “capitalise on borrower demand” due to changes to Permitted Development Rights.

The lender noted that demand has been buoyed by developers expanding their exit time and increasing professional investment in residential for rent and hospitality property.

Glenhawk agreed a £200m senior funding line with Natwest Markets, which sits alongside its existing funding line with J.P. Morgan.

The lender said that the funding would give it an opportunity to grow lending volumes through the growth of its unregulated range and there would be more focus on refurbishment, light development, larger loan sizes, commercial real estate and an enhanced regulated offering.

Nick Hilton (pictured), 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.

He continued: “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.”