Glenhawk provides £1.9m bridging loan for Watford barn property
UKPulse Consumer Desk
Specialist lender Glenhawk has issued a £1.9 million bridging loan for a converted barn in Watford, allowing the borrower more time to market the property.
- The regulated bridging loan was secured against a converted barn in Watford.
- The facility was arranged at 66% loan-to-value and refinanced existing charges.
- The loan allows the borrower to market the property at a higher asking price.
Specialist lender Glenhawk has provided a £1.9 million regulated bridging loan for a converted barn in Watford. This facility allows the borrower additional time to market the property.
The loan was arranged at 66% loan-to-value and refinanced both a first and second charge on the residential property. The second charge had previously funded refurbishment works on the barn.
Glenhawk noted an increase in demand for sales bridges, with Ryan Brewer, business development manager, stating that borrowers need more time to market and sell properties in a market with slower sales pace and a lack of confidence.
Why this matters: The case highlights how bridging finance can provide short-term liquidity for property owners in slower market conditions, enabling them to seek higher sale prices.