Mayfair-based bridging lender Glenhawk launched today – founded by property developer Guy Harrington.
The firm will lend its own capital and is offering rates from 0.5% per month for loans between £300,000 and £5m with no admin or exit fees.
Harrington, chief executive of Glenhawk, said: “I founded Glenhawk because I’ve been there; I’ve been a client and used short term finance myself so know exactly what a developer needs from a short-term finance partner.
“Competitive rates are only one part of the package – you also need to keep things swift and simple and invest in lasting relationships.
“Just because it’s a short-term loan, that’s no excuse for short-termism. We’re doing property finance properly.”
The company also comprises of managing director Paul McFadyen, the former UK managing director of Regis Group and Nick Hilton as director of lending from Century Capital.
The project is backed by non-executive director Harry Hill, founder of Rightmove and former chief executive of Countrywide.
The bridging lender has pledged to pay brokers as soon as the loan is closed.
Hill said: “The short-term property finance market is a crucial part of the property development sector in the UK but has suffered in the past from association with the sharp business practices of an unsavoury minority.
“On the whole, we’re past that, but there was still room for a new player with a fresh approach to wake things up.
“When I met Guy and the team he’s assembled at Glenhawk, I was confident I’d found just that. I’m looking forward to seeing what Glenhawk can do.”