Glenhawk has expanded its automated valuation model criteria and increased funding capacity through the extension and upsizing of an existing £200 million warehouse facility.
The specialist bridging lender said it can now offer free automated valuation models on single residential properties up to 75% loan-to-value in England, Scotland and Wales.
The AVMs can be used against more than one property per loan and will use a Hometrack Confidence Score. They can be applied to loans of up to £1.25 million in London and £750,000 in other regions.
The criteria change follows the extension and upsizing of an existing £200 million warehouse facility provided by a long-term relationship bank of Glenhawk.
The lender said the facility sits alongside its other institutional warehouse and forward flow partnerships, which have also recently been increased following continued demand for its bridging products.
Andrew Townsend, chief executive officer at Glenhawk, says: “We are absolutely delighted to execute this transaction, particularly considering the wider macro uncertainties. We understand the stability and robustness of a lender’s funding lines is of increasing importance to brokers, and this renewal with a major institution underlines the strength of ours.
“Transacting at speed and with certainty, is also of high importance to our brokers, so this is a fantastic improvement to our criteria.
“Whilst these enhancements are notable, they only tell part of the story: in addition to AVMs at high leverage, we also offer dual representation and title insurance on all loans, which allows us to move quickly to complete deals.”
