Glenhawk delivers £1.9m bridging loan for Watford barn conversion

Glenhawk has completed a £1.9m regulated bridging loan, giving a borrower additional time to market and sell a converted barn in Watford.

The facility was secured against the residential property at 66% LTV and used to repay both first- and second-charge loans.

The second-charge facility had previously been taken out to fund a substantial refurbishment of the property.

The property was already on the market when the borrower approached Glenhawk, but additional time was required to secure a suitable buyer.

Glenhawk allowed the borrower to continue marketing the property at an asking price above its valuation, giving them further time to seek their desired sale price.

The transaction was introduced by Paul LeFevre, director at Happy Brokers, originated by Ryan Brewer, BDM at Glenhawk (pictured above), and progressed to completion by Ruth Griggs, underwriter, and Rhiannon Kenny, case manager.

Ryan said: “In a market typified by a lack of confidence and a slower sale pace, we are seeing an increase in sales bridges where borrowers need more time to market and sell their properties.

“Whether we’re refinancing a development loan, a residential mortgage or, as in this case, a combination of a first and a second charge, we can often help give borrowers the breathing space they need.”

Paul added: “Glenhawk was excellent to work with on this complicated regulated refinance.

“On larger and more complex transactions, communication, flexibility and certainty of delivery are absolutely key, and the team were pragmatic and responsive throughout.

“They worked closely with us from application through to completion and helped ensure the transaction progressed smoothly.”