Glenhawk reaches lending milestone and becomes FCA regulated
Glenhawk has received authorisation from the Financial Conduct Authority (FCA) as it targets an expanded product offering in 2020 following a record 2019.
The lender is targeting the launch of a first FCA regulated product in the first half of this year.
It follows a record year for Glenhawk during which it achieved £100m of lending.
The company has also maintained its record of no defaults and no capital losses on its loans.
In 2019, 74 loans totalling £59.1m were underwritten in 2019, reflecting a 150% increase over the previous year.
This activity led to a six-fold increase in revenues for the company and saw Glenhawk invest in its growth with seven new hires, leading to a 30% increase in the size of the team to 20.
Almost half of the team (40%) are women.
Guy Harrington (pictured), chief executive of Glenhawk, said: “After a year of extremely strong growth we now enter 2020 fully authorised by the FCA to provide regulated products.
“This is a significant step forward for Glenhawk as it allows us to build on the success and momentum we have built in the short-term bridging market and start providing loans to a much wider universe of borrowers, whist remaining true to our ethos of responsible lending and diligent underwriting.
“Our performance last year and our success in becoming FCA regulated provide further evidence of the increasing role that non-bank finance can play across the personal and professional real estate world.”