Glenhawk has completed a £1.4m bridging finance facility for experienced Dutch property investors purchasing a farmhouse and holiday let cottage complex in Bristol.
The specialist short-term lender worked alongside broker Portway Finance to structure and deliver the transaction, which enabled the borrowers to move quickly after a separate purchase fell through.
The deal was introduced by Callum Taylor and the team at Portway Finance, while Glenhawk’s underwriter Loulou Rich and senior business development manager Peter Turner led the case.
Structured at 75% loan-to-purchase-price, the bridging finance facility gave the investors the speed required to secure the property in a competitive timeframe.
The transaction presented a number of challenges during the underwriting and legal process. The borrowing special purpose vehicle was owned through three offshore companies, creating additional complexity. An overage deed also emerged during the latter stages of the legal work.
Glenhawk worked with Portway Finance, legal representatives and other parties involved in the transaction to address the structural and legal issues while keeping the deal on track for completion.
The lender said close collaboration between all parties helped ensure the facility completed within the required timeframe despite the complexities involved.
Bridging finance for complex transactions
Glenhawk provides short-term property finance across residential, commercial and investment transactions, with a focus on complex cases that require a flexible underwriting approach.
“This deal had it all: a complex borrower profile, a specialist property and a number of moving parts throughout the process,” said Peter Turner, senior business development manager at Glenhawk (pictured).
“It highlights how important it is to take a commercial and solutions-focused approach when challenges arise later in a transaction. Thank you to Callum and the team at Portway for all their support throughout the deal and for trusting us to get it over the line.”
Taylor said the transaction reflected the lender’s ability to work through more challenging cases.
“Having worked with Glenhawk for many years, I’ve always admired their proactive and practical approach to more complex transactions,” explained Callum Taylor, chief executive officer at Portway Finance.
“No challenge ever seems too difficult to work through, and this deal was a strong example of that mindset in practice. A huge thank you to Loulou and Pete for their support throughout the process and for delivering a great outcome for the client.”
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