Glenhawk, the recently launched specialist property lender, has secured an initial £75m funding line from Shawbrook Bank and a global asset manager.
The funds will facilitate a major acceleration in Glenhawk’s loan book growth, through the provision of fast and flexible short-term lending solutions for a diverse range of residential and commercial property professionals.
Following its January 2018 launch, Glenhawk has lent over £20m across 35 loans to date and amassed a near term pipeline of £35m.
Guy Harrington (pictured), chief executive officer of Glenhawk, said: “This is a major milestone for the business, and with the support of two highly regarded and successful institutions we now have a platform to actively promote our bespoke products to a broader array of borrowers, for whom certainty of funding remains the key factor when choosing a lender.
“Whilst we have seen a significant professionalisation of the short-term lending sector in recent years, a result of both the ongoing retrenchment of more traditional sources of financing and the favorable returns available from property investment versus other asset classes, the market is still ripe for disruption.
“At Glenhawk we believe that bringing a forward-thinking approach and institutional style practices to the sector means we are well positioned to quickly establish ourselves as a more attractive proposition to the current breed of lenders.”
Backed by Rightmove founder Harry Hill, it hopes to capitalise on the growing demand for non-bank lending and leverage the real estate and financial services backgrounds of the 15 strong team in offering a more agile and streamlined lending process.
Sarah Watts, at Shawbrook Bank, added: “We are delighted to provide Glenhawk with its first institutional funding line and look forward to supporting the business as it continues to go from strength to strength.
“We have a lot of experience in the bridging sector, and what makes Glenhawk an exciting proposition for us is its fresh outlook on the market coupled with a strong management team who keep customers at the heart of every decision.”
Under the terms of the facility, the funds will be deployed into short-term residential and commercial loans, include second charge, typically between £300,000 and £3m in size. There will also be the option to fund latter stage development.