Glenhawk’s new funding line comes from two UK institutions as it targets rapidly growing alternative property-lending sector
Glenhawk, a recently launched specialist UK property lender, has secured an initial £75m funding line from Shawbrook Bank and a global asset manager.
The sum will fund Glenhawk’s plan to expand loan book growth via short-term lending solutions for residential and commercial property professionals.
Following its January 2018 launch, Glenhawk has lent over £20m across 35 loans and now has a near term pipeline of £35m.
The firm Backed by Rightmove founder Harry Hill hopes to capitalise on the growing demand for non-bank lending.
Guy Harrington, Chief Executive Officer of Glenhawk, commented: “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."
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.