Glenhawk completes first bridging loan in Scotland
Glenhawk, the fast-growing UK challenger lender, announces that it has completed on a £2 million bridging loan on a high value residential property in Scotland, representing the first time it has funded a borrower in Scotland as it continues to expand its footprint across the UK.
The six month term loan was provided to a UK ltd company who are the trustees of a UK trust and refinanced an existing mortgage from a private bank.
Completed in less than six weeks, it demonstrates the ongoing appetite from borrowers for the type of swiftly executed and flexible financing that Glenhawk is able to provide.
Glenhawk has enjoyed a strong start to 2021 with total lending to date totalling now over £165 million.
It comes as they remain on track to lend £500 million of lending by the end of 2022 and follows the latest milestone of £100 million of redemptions, reflecting the strength of its underwriting team and its borrower base.
Nick Hilton, Managing Director at Glenhawk, commented:
“Growing our footprint outside of the South East is a strategic priority for Glenhawk in 2021 and with the infrastructure now in place, we look forward to building on this milestone.
Having been introduced to the loan requirement by Malcolm Scanlon at Zion Specialist Finance, with whom we have a longstanding relationship, we were able to take a cross-jurisdictional loan and turn it around in a short space of time, saving the borrower time and hassle and demonstrating the critical role that specialist lenders play in the UK real estate ecosystem.”
Malcolm Scanlon, from Zion Specialist Finance, added:
“Glenhawk demonstrated its expertise and professionalism right from the outset, agreeing the initial terms in a very short space of time, despite the loan size and location of the asset.
The team was very quickly able to get comfortable with the structure required to fund the deal with the UK Trust in place, ensuring they used two sets of solicitors to cover the location of the asset and the trust which fell under English law.
Led by Amy Wareham and Peter Turner, the whole Glenhawk team played their part in ensuring this deal was brought to completion.”
Glenhawk received legal advice from Wilson McKendrick for the re-finance and Breechers for the UK Trust.
Based in Mayfair, Glenhawk’s rates start at 0.65% per month with loans typically ranging from £250,000 to £5,000,000.
Glenhawk charges no admin or exit fees and has just re-launched its successful offering of free legals and valuations of up to £3,000 for its clients.