Glenhawk has completed a £559,000 regulated bridging loan in seven days, allowing a borrower to redeem an existing facility before maturity and avoid default fees.
The loan was secured at 50% loan-to-value (LTV) against a residential property that had undergone refurbishment funded by the previous bridging facility.
With the original loan approaching its repayment deadline, the borrower needed a replacement facility to avoid additional charges and provide more time to market and sell the property.
Glenhawk completed the refinancing within seven days of receiving the initial application, using an automated valuation model (AVM), dual legal representation and title insurance to reduce the time required for valuation and legal work.
The transaction follows changes to the lender’s lending processes introduced in May, including revisions to its AVM policy and an extension of its title insurance indemnity policy, designed to shorten completion times.
BROKER AND LEGAL COLLABORATION
The case was originated by Rhys Evans, business development manager at Glenhawk, and underwritten by Ruth Griggs, underwriter, with support from Aaron Beard, case manager.
Shannon Harwood, head of bridging & commercial at Premier Commercial Lending, introduced and packaged the loan. Premier Commercial Lending is an appointed representative of Connect Mortgages.
Nicole Kuruppuarachchi of Healys LLP acted for both the borrower and Glenhawk, allowing the transaction to proceed with dual legal representation.
Evans (pictured) says: “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.”
Harwood says: “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.”
