JP Morgan and alternative lender Glenhawk, strike deal to grow loan book to £200m
The new senior funding line with J.P. Morgan will support Glenhawk’s ambitions to grow its lending in the bridging market.
Glenhawk has agreed on a new senior funding line with J.P. Morgan to help the alternative lender reach its ambitions to grow its UK loan book to £200 million by the end of 2021.
The funds will be used to grow Glenhawk’s unregulated bridging loan book. The facility represents the first time that J.P. Morgan has invested in a private securitisation backed by UK bridging loans.
Backed by Rightmove founder Harry Hill, 33-year old Guy Harrington launched Glenhawk in January 2018. It initially secured a £75m in a funding line from Shawbrook and Insight Asset Management in September 2018 and passed the £100m milestone by the end of last year.
The new structure from J.P Morgan will support a significant increase in Glenhawk’s maximum loan size from £3m to £5m and initially be used to fund a mixture of professional residential and commercial borrowers through the provision of short-term lending solutions.
Rob Tanna-Smith, Executive Director, EMEA Securitised Products Group at J.P. Morgan, commented: “Guy and Glenhawk marry institutional style lending practices, governance, and infrastructure with a customer-centric approach. The quality of Glenhawk’s existing loan book and Guy’s vision to broaden the product offering give us huge encouragement that this will be a successful partnership.”
Guy Harrington, Founder and Chief Executive Officer of Glenhawk, added: “The new funds allow us to enhance our existing product range, whilst providing us with the platform to expand into markets where there is an opportunity for us to replicate our success to date, as we look to continue pushing the boundaries with what is possible in the non-bank lending space.”