Joan Drummond

Glenhawk expands team after increasing loan book by 20% since lockdown

Glenhawk has generated £191m of new enquiries and witnessed a 20% growth in its loan book since the government-imposed lockdown was announced on 23rd March.

It has also reported no defaults and redeemed close to £12m of loans during this period. 

In March, Glenhawk agreed a £200m senior funding line with JP Morgan, which increased the maximum loan size that Glenhawk can write from £3m to £5m, and will support its entry into the UK homeowner mortgage market. 

“The past three months have been unprecedented,” commented Guy Harrington, founder and CEO of Glenhawk.

“But despite these challenges, we have seen a consistent level of borrower enquiries. 

“This has been exacerbated by both the unwillingness of the high street banks and debt funds to lend and wider market pressure to increase pricing and reduce LTVs. 

“While remaining committed to responsible and diligent lending, we have continued to grow the loan book and with the backing of JP Morgan, we remain on track to grow our UK loan book to £200m by the end of 2021.”

As a result, the specialist lender has bolstered its team with the appointments of Joan Drummond (pictured above) as head of collections and Andreea Negroiu as treasury associate.

Joan brings over 20 years of experience in loan servicing, having previously managed operational teams at Mars Capital and chl mortgages, where she dealt with a wide range of loan books across the residential, BTL and commercial sectors, encompassing all aspects of both primary and specialist servicing, including recoveries and asset management.

In her new role, she will be responsible for heading the loan servicing and collections team.

Andreea previously held roles within RBS’ capital markets team and with NewDay’s treasury department.

Reporting directly to group treasurer, Daron Kularatnam, Andreea will be part of the team responsible for securing and managing third-party funding lines. 

“Since the onset of the pandemicc, our near-term focus has been on working closely with all our stakeholders and offering support where necessary,” Guy added.

“Despite a number of logistical challenges, the way that everyone has adapted to remote working has been immense, and having taken the decision not to furlough any team members, we are approaching the second half of the year from a position of strength.

“Joan and Andreea will be excellent additions to our existing strong team. 

“As we continue to grow the business, we require people with new skills and expertise, and Joan in particular brings a wealth of experience which will be invaluable.” 

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