Glenhawk has launched a regulated bridging range for borrowers looking to secure finance against their main residence that includes a higher 75% loan-to-value band and what it says is its lowest interest rate at 0.49%.
The specialist lender also says key features of this simplified suite of products also include a loan size that ranges from £150,000 to £2m and a one year maximum loan term.
It adds that the range includes a new 75% LTV at 0.69% rate, 70% LTV at 0.64% rate, 65% LTV at 0.56%, and 60% LTV at a rate at 0.54%. It says that the suite also includes title indemnity insurance for speed of completion and short form valuation reports to reduce borrower costs.
The business adds that it enjoyed a strong start to the year, delivering two consecutive months of record lending in March and April.
It says these new loans supported projects across the UK, including the Midlands and the North, as the firm continues to grow its exposure outside London and the South East.
The UK bridge lending market is expected to increase by 11% a year as post pandemic changes to working patterns become permanent leading to more investment in property refurbishment, says the firm, citing a study last year by Mintel Bridging Research.
The firm also plans to enter the buy-to-let market in the final quarter of the year.
Glenhawk chief executive Guy Harrington says: “The homeowner market has remained resilient, and despite near term macro-economic pressures, the low interest rate environment and pent up consumer savings are set to underpin robust borrower demand.
“The increase to our maximum LTV is in direct response to this demand and a dearth of competitively priced products in the market. The development of a highly attractive, simplified and low cost offering, married with our team’s sector expertise and first class service, has been the central plank of Glenhawk’s approach since we launched four years ago.
“Two record months of lending demonstrate the market appetite for our innovative lending solutions, and with significant institutional capital backing, this is an exciting platform supporting the next stage of our growth.”
