Glenhawk has launched an unregulated bridging product range that doubles its existing loan size to £10m, targeting professional landlords with residential and hospitality properties.

The range covers residential loans up to 75% loan to value, commercial and mixed-commercial deals, up to 70% LTV, and development exits, up to 75% LTV, says the specialist short-term lender.

The firm adds it has lifted its maximum loan to purchase price to 90% across the range, while the maximum term stands at 24 months.

The move comes after government revisions to permitted development rights in January, which allows developers to carry out certain extensions and renovations without submitting full planning applications.

It adds that this targeting of “an increasingly underserved part of the market” is part of its plan to lend £1bn annually by 2024.

The specialist short-term lender agreed a £200m senior funding line with NatWest Markets to boost its regulated and unregulated loans last week.

Glenhawk managing director Nick Hilton says: “This is a part of the market dominated by a small number of banks and specialists, where we believe our focus on service, coupled with our multiple institutional funding lines, will position us a partner of choice with a range of borrowers.

“A combination of market volatility and regulatory change has created opportunities for property professionals looking to take advantage of repositioning their portfolios. Increasing maximum loan sizes, at competitive LTVs, will allow us to help more of these professionals meet their goals and ambitions.”