Glenhawk cuts regulated bridging loan rates

By Bridging Loan Directory 28th June 2024

Glenhawk, the established UK short-term real estate lender, has cut rates across its regulated bridging product, for borrowers looking to secure finance against their primary residence, by up to 16 basis points, as it continues to overhaul its product range.

The reductions, which follow on from Glenhawk increasing the LTV on its regulated product to 75%, and the maximum loan size to £2 million, have been made in direct response to market feedback.

Across its entire regulated bridging range, the 75% LTV product will be available at 0.84% rate (reduced from 0.94%), 65% LTV at 0.74% rate (from 0.90%), and the 50% LTV at 0.71% rate (from 0.84%).

The range will be overseen by Jamie Pritchard, who was recently promoted to Managing Director of Sales and Glenhawk’s experienced lending team.

It includes features such as title indemnity insurance for speed of completion and short form valuation reports to minimise borrower costs. All loans will be available to properties priced at below market value.

Glenhawk has also cut rates on its residential and development exit loans, which are now priced at 0.89% for a 75% LTV product.

This was previously priced at 0.99%. Additionally, loans for commercial properties targeting residential conversion are now available at 1.03% at a 70% LTV, previously 1.15% at a 65% LTV.

Rates for commercial property bridging loans for non-residential use classes has been cut to 1.01% from 1.15% , at a 65% LTV.

Other product changes introduced since the start of 2024 comprise:

Launched a mixed residential product (for mixed use assets with more than 50% residential) to complement the existing mixed commercial product
Removed the exit fee on its heavy refurb product
Reopened for large loans on mixed, residential and multi-unit property valued up to £10 million

Jamie Pritchard, Managing Director of Sales, commented:

“The UK residential market remains in remarkably rude health, which is underpinning strong appetite from borrowers looking to invest in their primary residence.

We have historically been a first mover when it comes to revamping our product range in response to the macro picture and in order to remain competitive.

Our experienced credit and underwriting teams give borrowers and brokers the confidence that transactions can be financed to support a critical refurbishment or exit within their required timeframes.”