UK lender Glenhawk has agreed a £200 mln (€228 mln) senior funding line with NatWest Markets, which will support its ambitions to lend £1 bn annually by 2024.
The new facility sits alongside Glenhawk’s existing funding line with J.P. Morgan.
Having doubled the live loan book size over the past 12 months, the funding line will provide Glenhawk with the flexibility to significantly increase its lending volumes. It will support both the expansion of its unregulated product range, which will have an increased focus on refurbishment and light development projects, larger loan sizes, commercial real estate, as well as an enhanced regulated offering.
Glenhawk has seen strong demand for its short-term lending products in 2022, in particular in the residential space.
Jennifer Wallaert, managing director at NatWest Markets, commented: ‘NatWest Markets is delighted to work with Glenhawk’s team and support the company in its next phase of growth. This transaction demonstrates NatWest Markets’ expertise and capabilities in the UK specialist lending space and associated hedging. Supporting UK businesses and ultimately providing tailored innovative funding solution to an underserved part of the market is at the very heart of NatWest Markets purpose led strategy.’
Daron Kularatnam, treasurer & ESG Director, Glenhawk, added: ‘The market dislocation we are witnessing as a result of the current macroeconomic volatility provides an attractive window for highly disciplined and well capitalised lenders. Furthermore, the fundamentals underpinning homeowner, commercial and mixed-use asset real estate remain particularly compelling.’
Glenhawk was advised on legals by Ashurst and NatWest Markets was advised by Allen & Overy.