Specialist lender Glenhawk has agreed a new £200m senior funding line with NatWest Markets.
The new facility is intended to support Glenhawk’s ambitions to lend £1bn annually by 2024 and will sit alongside its existing funding line with J.P. Morgan
Glenhawk also suggested the move can capitalise on NatWest’s experience in the UK bridging sector.
Applications and completions across the bridging sector rebounded significantly in the second quarter of 2022, with loan transactions 10.4% higher than in Q2 last year, and up 17.4% on the previous quarter. Bridging loan books also reach a record £6.1bn in Q2, a figure up 22% on Q2 2021.
Having doubled the live loan book size over the past 12 months, Glenhawk said the funding line will provide it with the flexibility to significantly increase its lending volumes. The lender will support both the expansion of its unregulated product range, which will have an increased focus on refurbishment and light development projects, larger loan sizes, commercial real estate, as well as an enhanced regulated offering.
Glenhawk revealed it has seen strong demand for its short-term lending products in 2022, particularly in the residential space.
Treasurer and ESG director and Glenhawk, Daron Kularatnam, commented: “The market dislocation we are witnessing as a result of the current macroeconomic volatility provides an attractive window for highly disciplined and well capitalised lenders. Furthermore, the fundamentals underpinning homeowner, commercial and mixed-use asset real estate remain particularly compelling.
“The support of NatWest is a major endorsement of not only what Glenhawk has achieved to date, but also our future strategy, and provides stable funding to support our ambitious lending targets.
“We are hugely excited to embark on this new growth phase and thrilled to be welcoming the NatWest team in as additional funding partners.”
Managing director at NatWest Markets, Jennifer Wallaert, added: “NatWest is delighted to work with Glenhawk’s team and support the company in its next phase of growth. This transaction demonstrates NatWest’s expertise and capabilities in the UK specialist lending space and associated hedging.
“Supporting UK businesses and ultimately providing tailored innovative funding solution to an underserved part of the market is at the very heart of NatWest purpose led strategy.”
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