Short-term lender Glenhawk, which celebrated achieving FCA regulation in February this year, has brought its first regulated product to market.
Glenhawk says that it has created a team dedicated to its new product, headed by director of lending Nick Hilton, who believes that the regulated bridging market is “ripe for disruption”, and that “we believe we have the team in place to replicate the success we have enjoyed in the unregulated space, whilst remaining highly disciplined in our underwriting processes.”
The product consist of a 65 per cent LTV 12-month term length loan available from £100,000 to £1.5m at an interest rate of 0.55 per cent per month.
It also boasts of charging no admin or exit fees.
The lender reports that demand for regulating bridging reached a record high in the second quarter of this year and took up 55.6 per cent of the entire bridging market – a significant increase on the 37.5 per cent share seen a year earlier and the first time the balance has swung in the regulated market’s favour.
The new loan is, the lender says, the first of several planned for release.
Glenhawk chief executive Guy Harrington says: “Having experienced an exponential growth in enquires for a regulated product, this launch is the culmination of nearly 18 months of hard work, which started with FCA regulation, and is a signficant milestone for the business.
“The UK homeowner loan market has been one of the more resilient since the outbreak of Covid-19, underpinned by government stimulus and changing consumer trends. It is also hugely underserved and we are confident our market differentiating ethos of fairness and transparency will be particularly appealing.
“We expect strong demand due to the simple nature of the product, and with the support of J.P. Morgan look forward to scaling our regulated bridging book before launching other revolutionising products.”