Glenhawk has launched its first regulated bridging product, for borrowers looking to secure finance against their primary residence.
The product’s interest rates start from 0.55% per month, with terms of up to 12 months and a loan size between £100,000 and £1.5 million. There are no admin or exit fees.
The product launch follows the announcement of the J.P. Morgan funding line secured by the lender earlier this year.
Guy Harrington, chief executive of Glenhawk, said: “Having experienced an exponential growth in enquires for a regulated product, this launch is the culmination of nearly 18 months of hard work, which started with FCA regulation, and is a significant milestone for the business.
“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.”
This post has originally been featured in Property Wire.