Glenhawk has completed a £570,000 bridging loan to fund the purchase and refurbishment of an investment property in Southampton, with the borrower paying no cash deposit.
The bridging loan went to a limited company and is secured primarily against a four-bedroom property in the city, which the borrower plans to refurbish.
Glenhawk agreed the bridging loan at 75% loan-to-value (LTV) against the property’s current value. A third-party second charge on the borrower’s main residence, which sits in personal names, added further security at 70% LTV.
The structure let Glenhawk cover 100% of the purchase price and refurbishment costs, and the lender released the full amount on the first day. That removed the need for staged drawdowns or monitoring surveyor oversight, so refurbishment work could start immediately.
Glenhawk’s Ryan Brewer originated and structured the loan, while underwriter Loulou Rich assessed the case with support from case manager Jonilda Sahin. Edgehill Property Finance introduced and packaged the deal through Jamie Gillespie and his team.
“Finding a lender to offer a refurbishment loan in a market as crowded as ours is straightforward,” said Ryan Brewer, business development manager at Glenhawk (pictured).
“But deal structure matters and finding creative ways of gearing against background assets can often be the deciding factor.”
“By taking a third-party second charge against the client’s main residence, we were able to deliver a net loan which covers both 100% of the purchase price and refurbishment costs. Releasing the refurbishment costs day one means the client can start work on the project immediately without the need for a monitoring surveyor overseeing drawdowns. A big thank you to Jamie for entrusting us to deliver for his client.”
“Josh, Ryan and Loulou were fantastic throughout,” noted Jamie Gillespie, managing director at Edgehill Property Finance.
“The loan structure won them the deal, but what they did after the application was submitted has truly set them aside. Great service and great commerciality were displayed when obstacles arose. Thank you to the Glenhawk team.”
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