Glenhawk brings out free valuation promotion

The lender will pay borrower valuation fees up to £2,500, including VAT, on all new unregulated bridging applications up to £3m in value on applications received between 26 June and 31 August.

Glenhawk said that the promotion was “directly in response to market feedback” and was the second such promotion this year.

It explained that property investors, developers and homeowners were facing “increased financing considerations for property acquisitions and refurbishment projects”, and this would help reduce upfront funding costs.

The lender added that it had a record month of lending in May with £54m in loan completions, which is up 47 per cent on the previous record month. It noted that enquiries had grown by around a third.

Nick Hilton, managing director at Glenhawk, said: “Brokers are operating in an incredibly challenging climate. We are confident that this initiative will support our client base, as more developers, investors and homeowners turn to alternative lenders to complete transactions amidst the ongoing volatility.

“With costs escalating, it helps to reduce any upfront costs enabling activity across the residential market to continue.”