Property-lending challenger firm Glenhawk lands £75m funding
Short-term finance disruptor Glenhawk has secured £75m of funding in a sign of the UK’s rapidly growing alternative property-lending sector, City PM can reveal today.
The latest cash injection from two UK institutions, one of which is Shawbrook Bank, comes six months after the specialist lender launched, having amassed a pipeline of £35m and lent over £20m since January.
Glenhawk, which lends predominantly in the south England, aims to provide loans to experienced buyers such as developers looking to convert former pubs or office blocks into five or six flats.
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Chief executive Guy Harrington told City PM: “From what we’re seeing, investors are taking a positive view, thinking Brexit won’t be as disruptive as they thought”.
Harrington added: “People today want speed and flexibility when they go for a loan and our growth has predominantly been down to being much speedier than banks which are heavily restricted with a much slower process that investors have to go through.”
Glenhawk, which is backed by property industry veterans such as Harry Hill, Rightmove founder and former Countrywide boss, has created the target of creating a £1bn loan book by 2023.
Rightmove founder and and former Countrywide boss Harry Hill is backing the company
Hill told City PM: "Both the alternative and short term lending sectors are becoming increasingly mainstream, a trend which I believe will only accelerate. Against this backdrop, Glenhawk is uniquely positioned for growth by virtue of its client-centric philosophy, the groundwork put in since launch and the passion of Guy and his team. This funding line, from two established financial institutions, will allow them to deliver on the strong platform they have put in place, at what is an exciting time for the industry."