Glenhawk agrees funding line with J.P. Morgan
Glenhawk has agreed a senior funding line with J. P. Morgan.
According to Glenhawk, this agreement stems from its plans to grow its UK loan book to £200m by the end of 2021.
Part of the new funding line will go towards extending the lender’s maximum loan size from £3m to £5m.
Glenhawk outlines that it is looking to lunch its first regulated bridging product in H1 this year.
Furthermore, this agreement represents the first time that J.P. Morgan has invested in a private securitisation backed by UK bridging loans.
Rob Tanna-Smith, executive director – EMEA securitised products group at J.P. Morgan, said: “Harrington and Glenhawk marry institutional style lending practices, governance, and infrastructure with a customer-centric approach.
“The quality of Glenhawk’s existing loan book and Harrington’s vision to broaden the product offering give us huge encouragement that this will be a successful partnership.”
Guy Harrington, founder and chief executive officer at Glenhawk, added: “This is a significant milestone for us, a little over two years since we started out. J.P. Morgan is one of the world’s most prestigious financial institutions, and we are extremely excited by this opportunity, whilst also a little humbled.
“The new funds allow us to enhance our existing product range, whilst 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.”