Glenhawk, a short-term finance provider with the backing of Rightmove founder and former Countrywide CEO Harry Hill, has launched today.
The lender was founded by Guy Harrington, CEO, an experienced property developer. Joining him is managing director Paul McFadyen, the former UK managing director of Regis Group and director of lending Nick Hilton, who has lent over £300m across both residential and commercial bridging since 2008.
Harrington said: “I founded Glenhawk because I’ve been there. I’ve been a client and used short term finance myself so know exactly what a developer needs from a short-term finance partner. Competitive rates are only one part of the package – you also need to keep things swift and simple and invest in lasting relationships. Just because it’s a short-term loan, that’s no excuse for short-termism. We’re doing property finance properly.”
Glenhawk is offering a streamlined application process which gives an agreement in principle in minutes, an aim to exploring how new technologies can simplify the process further, and the fact that it is initially lending its own capital. It promises to pay brokers commission as soon as the loan is closed, without delay.
Rates start from 0.5% per month and span from £300,000 to £5,000,000. Glenhawk charges no admin or exit fees.
“The short-term property finance market is a crucial part of the property development sector in the UK but has suffered in the past from association with the sharp business practices of an unsavoury minority,” says Hill.
“On the whole, we’re past that, but there was still room for a new player with a fresh approach to wake things up. When I met Guy and the team he’s assembled at Glenhawk, I was confident I’d found just that. I’m looking forward to seeing what Glenhawk can do.”