Specialist property lender Glenhawk has completed a £559,000 regulated bridging loan in seven days, enabling a borrower to refinance an existing facility ahead of its maturity date.
The loan, secured at 50% loan-to-value, was used to redeem a bridging facility that had funded the refurbishment of a residential property. The borrower required quick refinancing to avoid default fees and to secure additional time to market and sell the property.
Streamlined process
The lender deployed an automated valuation model (AVM), dual legal representation and title insurance to accelerate the transaction, which ran from initial application to drawdown in seven days. The completion follows process changes introduced by Glenhawk in May, including improvements to its AVM policy and an extension of its title insurance indemnity policy.
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.”
The case was originated by Evans and processed by Glenhawk underwriter Ruth Griggs with support from case manager Aaron Beard. Shannon Harwood, head of bridging and commercial at Premier Commercial Lending, an appointed representative of Connect Mortgages, introduced the case. Nicole Kuruppuarachchi at Healys LLP acted for both parties.
Market context
The completion comes as UK property sellers face increased competition as market conditions slow, with housing stock reaching decade highs as prices stagnate. Short-term bridging finance has become increasingly relevant for borrowers needing flexibility in challenging market conditions.
Harwood commented: “The bridge was completed in a week and in time for redemption, so my client avoided hefty default fees. The whole process was smooth and straightforward.”
The transaction demonstrates the operational timeframes now achievable in the regulated bridging sector through the use of technology and streamlined legal processes.
