Glenhawk completes £559,000 regulated bridging loan in seven days
UKPulse Consumer Desk
Specialist lender Glenhawk has completed a regulated bridging loan of £559,000 in seven days, allowing a borrower to refinance an existing facility.
- Glenhawk completed a £559,000 regulated bridging loan in seven days.
- The loan was secured at 50% loan-to-value and used to refinance a facility for a residential property refurbishment.
- The transaction utilised an automated valuation model, dual legal representation, and title insurance.
Specialist property lender Glenhawk has completed a £559,000 regulated bridging loan in seven days. This enabled a borrower to refinance an existing facility before its maturity date, avoiding potential default fees.
The loan, secured at 50% loan-to-value, was used to redeem a bridging facility that had funded the refurbishment of a residential property. The borrower needed quick refinancing to gain more time to market and sell the property.
Glenhawk accelerated the transaction from initial application to drawdown by deploying an automated valuation model (AVM), dual legal representation, and title insurance. This follows process changes introduced by the lender in May, including improvements to its AVM policy and an extension of its title insurance indemnity policy.
Rhys Evans, business development manager at Glenhawk, stated that the completion demonstrates how their new process, combined with a committed broker, underwriter, and solicitor, can facilitate urgent deals within tight timeframes.
Why this matters: The completion demonstrates the operational timeframes now achievable in the regulated bridging sector through the use of technology and streamlined legal processes, which can be relevant for borrowers needing flexibility in challenging market conditions.
What this means for you: If you are a borrower in the UK property market, this may indicate that rapid refinancing options are available through specialist lenders, potentially helping to avoid default fees and provide more time to sell properties in a slowing market.