Guy Harrington

Glenhawk launches regulated bridging product




Glenhawk has introduced its first regulated bridging product for borrowers looking to secure finance against their primary residence, marking its entry into the UK homeowner loan market.

This is set to be the first of several products planned at targeting the homeowner loan sector.

Glenhawk has formed a dedicated team focused on the new offering, headed up by its director of lending, Nick Hilton, who has been responsible for over half a billion pounds of residential and commercial bridging since 2008.

Key features of the regulated bridging product include:
 
• loans from £100,000 to £1.5m 
• 12-month loan terms
• interest rates from 0.55% per month
• up to 65% LTV
• no admin or exit fees. 


“The regulated bridging market is ripe for disruption and we believe we have the team in place to replicate the success we have enjoyed in the unregulated space, while remaining highly disciplined in our underwriting processes,” commented Nick.
According to the latest Bridging Trends data, regulated bridging lending continued to dominate the sector in Q3 at an average of 53% of all lending.

This has been driven by homeowners increasingly looking at refurbishment and development opportunities as the working-from-home trend sees them look at how to best utilise existing space, in addition to house sales rising by over 20% following the stamp duty holiday, which was introduced in July. 
 
Guy Harrington, CEO at Glenhawk (pictured above), commented: “Having experienced an exponential growth in enquires for a regulated product, this launch is the culmination of nearly 18 months of hard work, which started with FCA regulation, and is a significant milestone for the business. 

“The UK homeowner loan market has been one of the more resilient since the outbreak of Covid-19, underpinned by government stimulus and changing consumer trends. 

“It is also hugely underserved and we are confident our market differentiating ethos of fairness and transparency will be particularly appealing.” 

Glenhawk expects “strong demand” due to the simple nature of the product.

The new offering follows the announcement of the £200m JP Morgan funding line Glenhawk secured in March. 

Guy added that with the support of JP Morgan, the lender looked forward to scaling its regulated bridging book before launching other “revolutionising products”.
 
Despite the uncertainty caused by the pandemic, Glenhawk remains on track to grow its loan book to £200m by the end of 2021.

 

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