A new short-term property finance provider, Mayfair-based Glenhawk, has launched today.
Lending using its own capital, the company aims to 'offer something new to the bridging loans sector by combining financial know-how with wide-ranging real-estate experience'.
The company was founded by Guy Harrington, CEO, who brings extensive experience as a property developer. Joining him is Managing Director Paul McFadyen, the former UK Managing Director of Regis Group and Director of Lending Nick Hilton, who has lent over £300M across both residential and commercial bridging since 2008. This mix of experience is endorsed and augmented by the backing of Non-Executive Director Harry Hill, a founder of Rightmove and former CEO of industry heavyweight, Countrywide.
Rates start at 0.5% per month and span from £300,000 to £5,000,000. Glenhawk charges no admin or exit fees.
Guy Harrington said:
“I founded Glenhawk because I’ve been there. I've been a client and used short term finance myself so know exactly what a developer needs from a short-term finance partner. Competitive rates are only one part of the package – you also need to keep things swift and simple and invest in lasting relationships. Just because it’s a short-term loan, that’s no excuse for short-termism. We’re doing property finance properly.”
Harry Hill added:
“The short-term property finance market is a crucial part of the property development sector in the UK but has suffered in the past from association with the sharp business practices of an unsavoury minority. On the whole, we’re past that, but there was still room for a new player with a fresh approach to wake things up. When I met Guy and the team he’s assembled at Glenhawk, I was confident I’d found just that. I’m looking forward to seeing what Glenhawk can do.”