Newly launched specialist UK property lender Glenhawk has secured £75m (€83.4m) funding line from two UK institutions.
Glenhawk said it has secured the funding line from Shawbrook Bank and an unnamed global asset manager.
Guy Harrington, the chief executive officer of Glenhawk, said: “This is a major milestone for the business, and with the support of two highly regarded and successful institutions we now have a platform to actively promote our bespoke products to a broader array of borrowers, for whom certainty of funding remains the key factor when choosing a lender.
“Whilst 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.”
Sarah Watts, at Shawbrook Bank, said: “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.
“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.”
Since launched in January this year, Glenhawk has so far lent over £20m across 35 loans and amassed a near-term pipeline of £35m.
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