Glenhawk has secured a new senior funding line with J.P. Morgan in order to grow its UK loan book to £200 million by the end of 2021.
The new structure will support an increase in Glenhawk’s maximum loan size from £3 million to £5 million and initially be used to fund a mixture of professional residential and commercial borrowers through the provision of short-term lending solutions.
Having recently received authorisation from the Financial Conduct Authority, the new capital will support Glenhawk’s entry into the c. £70 billion per annum UK homeowner mortgage market, with a first regulated bridging product planned for H1 this year.
The facility represents the first time that J.P. Morgan has invested in a private securitisation backed by UK bridging loans.
Guy Harrington (pictured), founder and chief executive officer of Glenhawk, said: “This is a significant milestone for us, a little over two years since we started out. J.P. Morgan is one of the world’s most prestigious financial institutions, and we are extremely excited by this opportunity, whilst also a little humbled.
“The new funds allow us to enhance our existing product range, whilst providing us with the platform to expand into markets where there is an opportunity for us to replicate our success to date, as we look to continue pushing the boundaries with what is possible in the non-bank lending space.”
Rob Tanna-Smith, executive director, EMEA securitised products group at J.P. Morgan, said: “Guy and Glenhawk marry institutional style lending practices, governance, and infrastructure with a customer-centric approach.
“The quality of Glenhawk’s existing loan book and Guy’s vision to broaden the product offering give us huge encouragement that this will be a successful partnership.”