Glenhawk has provided a £3.1m bridging loan for three residential properties in Essex, as the UK housing market slows down. The specialist lender secured the 75% LTV facility against a portfolio valued at £4.2m, allowing the borrowers to avoid immediate interest servicing requirements and focus on selling the homes.
The deal, facilitated by Bridge St Finance's Fergus Izat, was structured through Glenhawk's Structured Real Estate (SRE) division. Despite being smaller than typical SRE transactions, the complexity of the assets necessitated a tailored funding approach, which Glenhawk completed within two weeks of receiving the introduction.
Managing Director of SRE at Glenhawk, Chris Daly, said this transaction demonstrates how the team can complement the core bridging business by addressing unique circumstances. "The underlying properties were excellent assets," he explained, "but the intricacies of ownership and broader factors demanded a bespoke financial product and dedicated time to understand the finer details."
Brokers and borrowers are increasingly turning to Glenhawk's SRE division for complex transactions that fall outside conventional lending parameters. The firm aims to provide commercial and pragmatic solutions, as seen in this deal where a site visit by Daly helped navigate a complex borrower structure involving multiple stakeholders.
Against the backdrop of a subdued UK housing market, with revised forecasts for housing transactions due to interest rate volatility, Glenhawk's Structured Real Estate team is focused on delivering tailored funding solutions that meet borrowers' needs. This facility is part of their expanding SRE offering, which aims to assist brokers and borrowers in navigating complex deals.