Glenhawk has launched its first regulated bridging product.
Launched in direct response to increasing borrower demand, the new product follows the announcement of the J.P. Morgan funding line secured by Glenhawk earlier this year, which represented the U.S bank’s UK bridging market debut.
Key features of the new product include:
- Loan size: £100,000-£1.5 million
- Term length: 12 months
- Interest rate: from 0.55% per month
- No admin or exit fees
Regulated bridging lending hit a record high in Q2, representing 55.6% of the bridging market, up from 37.5% in the same quarter of 2019, the first time it had outperformed unregulated transactions.
Guy Harrington (pictured), CEO of Glenhawk, said: “Having experienced an exponential growth in enquires for a regulated product, this launch is the culmination of nearly 18 months of hard work, which started with FCA regulation, and is a significant milestone for the business.
“The UK homeowner loan market has been one of the more resilient since the outbreak of Covid-19, underpinned by government stimulus and changing consumer trends. It is also hugely underserved and we are confident our market differentiating ethos of fairness and transparency will be particularly appealing.
“We expect strong demand due to the simple nature of the product, and with the support of J.P. Morgan look forward to scaling our regulated bridging book before launching other revolutionising products.”
Nick Hilton, director of lending at Glenhawk, added: “The regulated bridging market is ripe for disruption and we believe we have the team in place to replicate the success we have enjoyed in the unregulated space, whilst remaining highly disciplined in our underwriting processes.”