Kroo Bank has completed a loan portfolio acquisition and entered a forward flow funding agreement with Glenhawk with the aim of supporting future lending across the property market.
Kroo Bank said this move is reflective of its wider strategy to diversify its lending activities and partner with established specialist lenders in areas of the market that are commonly under-served.
The agreement means Kroo Bank will acquire an existing portfolio of Glenhawk loans, as well as funding a portion of future bridge loan originations through an ongoing forward flow structure. This will establish a long-term funding partnership with Glenhawk.
Andrew Townsend, CEO of Glenhawk, said: “We are delighted to have entered into a long-term partnership with such an innovative bank as Kroo. The partnership complements our other institutional warehouse and forward flow partnerships, which together provide a strong funding base that enables us to meet the continued strong demand for our market leading bridging products.”
Veronika Lovett, CEO of Kroo Bank, said: “This partnership reflects Kroo Bank’s strategy to diversify areas of the market that are often under-served and lack access to the funding they need. Glenhawk has an excellent track record in specialist property finance, and we’re proud to support their next phase of growth with stable, long-term funding.
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“As we continue to grow, partnerships like this allow us to deploy capital into established sectors where experienced lenders are already delivering strong outcomes for borrowers across the UK.”
Last month, Glenhawk announced a spring promotion for bridging fees.
