Glenhawk completed a £559,000 regulated bridging loan in seven days, allowing a borrower to refinance an existing facility and avoid default fees.
The specialist property lender secured the loan at 50% loan-to-value (LTV) to redeem a bridging facility that had funded the refurbishment of a residential property. With that loan approaching maturity, the borrower needed to refinance quickly to avoid additional charges and gain more time to market and sell the property.
Glenhawk used an automated valuation model (AVM), dual legal representation and title insurance to speed up the process, which ran seven days from initial application to drawdown.
The regulated bridging loan followed changes Glenhawk introduced in May to cut completion times, including improvements to its AVM policy and an extension of its title insurance indemnity policy.
“This is a great example of how our new process, coupled with a committed broker, pragmatic underwriter and a responsive solicitor, can enable us to complete urgent deals within tight timeframes,” said Rhys Evans, business development manager at Glenhawk (pictured). “We announced to the market that our new process would deliver quicker completions, and here is all the proof you need that it’s working.”
Evans originated the regulated bridging loan, and Glenhawk underwriter Ruth Griggs took it through underwriting with support from Aaron Beard, case manager. Shannon Harwood, head of bridging & commercial at Premier Commercial Lending, an appointed representative of Connect Mortgages, introduced and packaged the case. Nicole Kuruppuarachchi at Healys LLP acted for both the lender and the borrower.
“Working with Glenhawk was an absolute pleasure,” added Harwood. “The bridge was completed in a week and in time for redemption, so my client avoided hefty default fees. Rhys was great, as always, to deal with throughout, always helpful and quick to respond. The whole process was smooth and straightforward, and I’d happily work with them again on future deals, especially where there are time constraints.”
Please visit:
Our Sponsor
