Guy Harrington

Glenhawk agrees £200m senior funding line with JP Morgan

Glenhawk has agreed a £200m senior funding line with JP Morgan which will support the bridging lender's aim to grow its UK loan book to £200m by the end of 2021.

The capital will support Glenhawk’s increase in its maximum loan size from £3m to £5m. 

The facility will initially be used by the lender to fund a mixture of professional residential and commercial borrowers.

It will also support Glenhawk’s entry into the UK homeowner mortgage market with the launch of its first regulated bridging product scheduled for H1 2020.

Last month, Glenhawk announced the launch of its new website, received authorisation from the FCA and reached £100m of lending.

“This is a significant milestone for us, a little over two years since we started out,” said Guy Harrington, founder and chief executive officer at Glenhawk (pictured above).

“JP Morgan is one of the world’s most prestigious financial institutions, and we are extremely excited by this opportunity, while also a little humbled.

“The new funds allow us to enhance our existing product range, while providing us with the platform to expand into markets where there is an opportunity for us to replicate our success to date, as we look to continue pushing the boundaries with what is possible in the non-bank lending space.”

Rob Tanna-Smith, executive director of EMEA securitised products group at JP Morgan, added: “Guy and Glenhawk marry institutional-style lending practices, governance and infrastructure with a customer-centric approach.

“The quality of Glenhawk’s existing loan book and Guy’s vision to broaden the product offering give us huge encouragement that this will be a successful partnership.”

Daron Kularatnam, group treasurer at Glenhawk, described the structuring of the transaction as “a testament to the professionalism and expertise of both teams”.

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