Glenhawk, the specialist property lender, has completed a £559,000 regulated bridging loan in just seven days, enabling a borrower to refinance an existing facility and avoid significant default fees.
The loan, secured at 50% loan-to-value (LTV), was used to redeem an existing bridging facility that had originally been arranged to fund the refurbishment of a residential property. With the previous loan approaching maturity, the borrower needed to refinance quickly to avoid additional charges while securing 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 transaction, completing the loan in seven days from initial application to drawdown.
The transaction follows changes introduced by Glenhawk in May to reduce completion times, including improvements to its AVM policy and an extension of its title insurance indemnity policy.
The loan was originated by Rhys Evans, Business Development Manager at Glenhawk, and underwritten by Ruth Griggs, Underwriter, with support from Aaron Beard, Case Manager.
It was introduced and packaged by Shannon Harwood, Head of Bridging & Commercial at Premier Commercial Lending, an Appointed Representative of Connect Mortgages, with Nicole Kuruppuarachchi at Healys LLP acting for both the lender and borrower.
Rhys Evans, Business Development Manager at Glenhawk, said:
“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. 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.”
Shannon Harwood, Head of Bridging & Commercial at Premier Commercial Lending, added:
“Working with Glenhawk was an absolute pleasure. 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.”
To find out more, visit https://glenhawk.com/
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