The firm said it had been developed in direct response to increasing demand from borrowers, with loans provided between £100,000 and £1.5 million over a 12-month term. Interest rates start at 0.55% per month, and there are no admin or exit fees.

Glenhawk has installed a dedicated team focused on the regulated bridging product, led by Nick Hilton, the firm’s director of lending. The firm pointed to the latest Bridging Trends Report from MT Finance, which suggested that regulated bridging hit a record high in the second quarter of 2020, representing 55.6% of the market. That’s a dramatic rise from the 37.5% in the same quarter of 2019.

Glenhawk gained authorisation back in February of this year, while it has secured a funding line from J.P. Morgan. The lender says it is on track to grow its loan book to £200 million by the end of 2021.

Guy Harrington, CEO of Glenhawk, said that the product launch was the culmination of nearly 18 months of work, and represented a “significant milestone” for the business.

He continued: “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.”