The move comes after Glenhawk announced it was not charging admin, exit or extension fees in a bid to continue its commitment to providing borrowers with a single and transparent pricing structure.

Glenhawk said its loan book had grown and it had seen ‘exceptional’ demand for its short-term lending products since the outbreak of the Covid-19 pandemic.

In September it generated £159 million of new loan enquiries, its second best month in 2020, following a record £178 million in August, helped by government measures such as the stamp duty holiday. This came alongside the ongoing retrenchment of high street banks from the sector, underpinned by borrower interest.

Having announced a senior funding line with J.P. Morgan in March to support its entry into the c. £70 billion per annum UK homeowner mortgage market, Glenhawk has also increased its headcount to support its expansion plans. The number of employees is now over 30.

Guy Harrington, founder and chief executive officer of Glenhawk, said: “Our commitment to being an ethical lender has been the bedrock of our approach since we set out to disrupt the short term lending market in 2018, and has been key to differentiating ourselves within the market, allowing us to maintain our loan book growth and generate consistent levels of new borrower enquiries, despite the unprecedented economic backdrop.”