Glenhawk has launched a promotion that will see it pay borrower valuation fees up to £2,500, inclusive of VAT, on new unregulated bridging applications up to £3m between 26 June and 31 August. 

The specialist lender says its second promotion of the year comes as property investors, developers and homeowners face increased financing costs for acquisitions and refurbishment projects. 

Last week, the Bank of England raised the base rate by 50 basis points to 5%, its 13th rate rise in a row taking it to the highest level in 15 years.      

The firm adds that enquires at the business jumped 34% last month. 

Glenhawk managing director Nick Hilton says: “Brokers are operating in an incredibly challenging climate.  

“We are confident that this initiative will support our client base, as more developers, investors and homeowners turn to alternative lenders to complete transactions amidst the ongoing volatility. 

“With costs escalating, it helps to reduce any upfront costs enabling activity across the residential market to continue.”