It has announced Andrew Townsend, formerly of DSG Group, as chief financial officer and Ryan Benton, who was previously at Close Brothers, as finance director, further strengthening the Group’s finance function.
Glenhawk said it has continued to grow the loan book and generate consistent levels of new borrower enquiries since the onset of the Coronavirus pandemic, despite the challenging conditions.
With uncertainty around valuations receding and following the introduction of the stamp duty holiday on 8 July, coupled with the end of lockdown on 4 July, Glenhawk originated £232 million of new loan enquiries in July and August, including a record £178 million in the latter.
Earlier this year, in March, Glenhawk announced it had agreed a senior funding line with JP Morgan. It was the first time JP Morgan had invested in a private securitisation backed by UK bridging loans.
The new structure increased the maximum loan size Glenhawk can write from £3 million to £5 million and will support its imminent entry into the c. £70 billion per annum UK homeowner mortgage market.
Guy Harrington (pictured), chief executive officer, said: “Andrew and Ryan, two highly experienced finance professionals, join us a critical juncture, giving us important capabilities as we move closer to delivering on our product expansion plans, putting to work the funds secured via the JP Morgan line.
“Whilst we remain highly disciplined in our lending strategy and vigilant to the impact of further economic distress, we have seen a significant uptick in borrower enquiries in recent weeks, as the market stabilises and with the stamp duty holiday energising the residential sector.
“Longer-term, the continued retrenchment of traditional financing sources and paucity of suitable products for borrowers gives us huge confidence moving forward.”
Andrew Townsend added: “Having admired Glenhawk’s rise from afar, it’s hugely exciting to be joining Guy and the team to support with the next phase of the business’s growth.
“The market opportunity for alternative lenders has continued to grow during 2020, and with the support of JP Morgan, Glenhawk is ideally placed to maintain its recent momentum.”
