Glenhawk, the fast growing UK challenger lender, is pleased to announce that it originated £24.6 million of loans in the third quarter of 2019, an increase of £21.3 million on the same quarter last year, reflecting its strongest period since launching at the start of 2018.
Despite the ongoing political uncertainty, demand from a range of property professionals for fast and flexible short-term lending solutions continues to grow, driven by low prices and favorable borrowing costs. According to the Association of Short Term Lenders, UK bridging loan books grew to a record £4.62 billion at the end of the second quarter of this year, representing growth of 11.7% compared to Q1 2019 and an increase of 14.4% on the same quarter last year.
Guy Harrington, pictured, CEO of Glenhawk, commented:
“The scale of our growth and being on track to lend over £100 million within two years of launching is a phenomenal achievement, all the more so given the unprecedented economic and political backdrop. We have an exceptionally talented Glenhawk team that helped us in delivering our record Q3 figure, and we expect this momentum to continue into Q4.
“The strong demand we are seeing for short-term bridging products reflects both the increasing acceptance of the role that non-bank finance can play in the real estate ecosystem, as well as the opportunities for borrowers in this low price, low rate environment. We continue to explore new opportunities to replicate our success to date in other sectors, whilst remaining committed to responsible and diligent underwriting.”
Q3 lending highlights included:
- £26.4 million of loan completions, reflecting a record quarter (Q3 2018: £3.1 million)
- 25 new loans originated, at an average size of approximately £950k
- Generated £190 million of enquiries
Since launching in January 2018, Glenhawk’s now 21-strong team has lent over £80 million, across 124 loans with a Gross Asset Value of £142 million and is on track to deliver on its target of £100 million of new lending by the end of 2019.