"We are ideally placed to both significantly grow our existing offering, whilst successfully expanding our product range. "
Bridging lender Glenhawk, which recently celebrated its first birthday, has announced that it is launching homeowner mortgages and later life products later this year.
Glenhawk has applied to become an FCA regulated lender and is targeting £100 million of new lending in 2019.
In its first year, Glenhawk lent £40 million to the specialist property market and secured a £75 million funding line from Shawbrook Bank and Insight Investment.
Guy Harrington, CEO of Glenhawk, commented: “One year on from launch, we are primed to build on the achievements of 2018. This year has started well and with the profile of those looking to access the real estate debt finance market continually evolving, combined with the strangling effect that wider macro uncertainty is having on the more traditional sources of funding, we are ideally placed to both significantly grow our existing offering, whilst successfully expanding our product range.
“These growth ambitions have seen us apply to become an FCA regulated lender later this year, which will allow us to focus on the £1.4 trillion homeowner mortgages and later life products markets, which are both ripe for disruption.
“At the same time, we will continue to be diligent and prudent in our loan underwriting, working alongside both repeat customers, who made up over a third of last year’s business, as well as new clients.”
Sarah Watts, director of structured finance at Shawbrook, added: “Over the last year Glenhawk has gone from strength to strength, delivering business growth whilst staying true to its vision of delivering transformational change in their market for their customers. We were pleased to provide Glenhawk with their first institutional line in 2018 and look forward to supporting them as they grow in 2019.”