Glenhawk completes £12m loan to support PBSA refinance

26 February 2026

Glenhawk, the short term lender, has completed a loan totalling £11.7 million to support a borrower refinancing a newly-created purpose built student accommodation (PBSA) scheme in Aberdeen, Scotland.

The borrower wanted to refinance their existing development finance facility for the high-quality scheme, with a new loan which would give them time to enact their business plan and embed a new managing agent, while increasing the occupancy level and rental income of the PBSA.

Flexibility and a deep understanding of the PBSA sector was key to this case. Through no fault of the borrower, the scheme is temporarily under-occupied, but with a clear plan in place for achieving full occupancy, meaning the borrower required flexibility around the payment of interest in the interim.

As a result, Glenhawk was able to arrange the £11.7 loan over a two-year term, with a bespoke interest structure in place to match letting uplifts.

Chris Daly, Managing Director, Structured Real Estate at Glenhawk, commented:

“This was a complex case that required a flexible, understanding approach. The borrower needed to work with a lender that has experience within the PBSA sector, and can get to grips with the nuances and unique challenges this form of investment can provide. Not only that, they needed a lender able to deliver a bespoke funding structure which took into account the individual elements of the case, and sets them up for success in enacting their business plan.

“With deals like this, it’s vital for brokers to be able to work with lenders who are able to dig into the details, build a broader understanding of the borrower and what they are trying to achieve, and then deliver a funding structure which truly works for all parties. That approach is what we have become known for at Glenhawk, and is helping us to become a go-to lender for less straightforward cases.”