Glenhawk launched a regulated bridging rangeand for borrowers seeking financing against their main residence which includes a loan band at the higher value of 75% and what it says iss lowest interest rate at 0.49%.
The specialist lender also says the main features of this simplified product range also includes loan size ranging from £150,000 to £2 million and a maximum loan term of one year.
He adds that the range includes a new 75% LTV at a rate of 0.69%, 70% LTV at a rate of 0.64%, 65% LTV at 0.56% and 60% LTV at a rate to 0.54%. He says the suite also includes title indemnity insurance for speed of execution and abbreviated valuation reports to reduce borrower costs.
The company adds that it had a strong start to the year, delivering two consecutive months of record lending in March and April.
It says these new loans have supported projects across the UK, including the Midlands and the North, as the business continues to expand its exposure outside of London and the South East.
The UK bridging loan market is expected to grow by 11% a year as post-pandemic changes in working habits become permanent, leading to more investment in property refurbishment, the firm says, citing research by the last year by Mintel Bridging Research.
The company also plans to enter the buy-to-let market in the last quarter of the year.
Glenhawk Managing Director Guy Harrington said: “The homeowners market has remained resilient and, despite near-term macroeconomic pressures, the low interest rate environment and pent-up consumer savings should support robust borrower demand.
“The increase in our maximum LTV is a direct response to this demand and the shortage of competitively priced products in the market. Developing a highly attractive, simplified and low-cost offering, combined with our team’s industry expertise and first-class service, has been at the heart of Glenhawk’s approach since its launch four years ago.
“Two record months of lending demonstrate market appetite for our innovative lending solutions, and with strong institutional capital backing, this is an exciting platform supporting the next stage of our growth.