Glenhawk doubles unregulated bridging loans to £10m

Glenhawk has launched a range of unregulated bridging products that double its existing loan amount to £10m, targeting professional landlords with residential and hotel properties.

The range covers residential loans up to 75% loan-to-value, commercial and mixed commercial agreements, up to 70% LTV, and development exits, up to 75% LTV, explains the specialist short-term lender.

The company adds that it has raised its maximum loan to buy the price at 90% across the range, while the maximum term is 24 months.

The move comes after government revisions to authorized development rights in January, which allow developers to carry out certain extensions and renovations without submitting full planning applications.

He adds that this targeting of “an increasingly underserved part of the market” is part of his plan to loan out £1billion a year by 2024.

The specialist short-term lender last week agreed a £200m senior funding line with NatWest Markets to boost its regulated and unregulated lending.

Nick Hilton, Managing Director of Glenhawk, said: “This is a part of the market dominated by a small number of banks and specialists, where we believe our focus on service, coupled with our multiple institutional funding lines , will position us as a partner of choice with a range of borrowers.

The combination of market volatility and regulatory changes has created opportunities for real estate professionals looking to take advantage of repositioning their portfolios. Increasing the maximum loan size, at competitive LTVs, will allow us to help more of these professionals achieve their goals and ambitions. »

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