The recently-launched property finance lender will use the funds to facilitate a major acceleration in its loan book growth, through the provision of short-term lending solutions for residential and commercial property professionals.
Since its launch, Glenhawk has lent over £20m across 35 loans and amassed a near-term pipeline of £35m.
Guy Harrington, CEO at Glenhawk (pictured above), said that this was a major milestone for the lender and, with the support of two successful institutions, it now had a platform to actively promote its bespoke products to a broader array of borrowers.
“While 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 favourable returns available from property investment versus other asset classes – the market is still ripe for disruption.
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“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.”
Under the terms of the facility, the funds will be deployed into short-term residential and commercial loans – including second charge – typically between £300,000 and £3m in size.
There will also be the option to fund latter-stage development.
“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,” said Sarah Watts at Shawbrook Bank.
“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.”