"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"
The challenger lender has agreed a new senior funding line with J.P. Morgan, which will support Glenhawk’s ambitions to grow its UK loan book to £200 million by the end of 2021. The facility represents the first time that J.P. Morgan has invested in a private securitisation backed by UK bridging loans.
Having recently received authorisation from the FCA, the new capital will support Glenhawk’s entry into the homeowner mortgage market.
The new structure will also 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.
Backed by Rightmove founder Harry Hill, Guy Harrington launched Glenhawk in January 2018 and secured a £75 million funding line from Shawbrook and Insight Asset Management in September 2018.
Guy Harrington, CEO 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.”
