Kroo Bank has acquired a portfolio of Glenhawk loans and agreed a forward flow funding arrangement with the specialist bridging lender.
The digital bank said the deal would support future lending across the UK property market and form part of its wider strategy to work with established specialist lenders in underserved sectors.
Under the agreement, Kroo will acquire an existing portfolio of Glenhawk loans, while also funding a portion of future bridge loan originations through an ongoing forward flow structure.
The companies said the arrangement would create a long-term funding partnership between the two businesses, supporting Glenhawk’s continued growth in the specialist property finance market.
TAILORED FINANCE
Kroo says property investors and developers often require tailored finance that falls outside the standard criteria of high street banks, with specialist lenders such as Glenhawk serving that part of the market.
Veronika Lovett, chief executive officer at Kroo Bank, says: “This partnership reflects Kroo Bank’s strategy to diversify areas of the market that are often underserved and lack access to the funding they need.
“Glenhawk has an excellent track record in specialist property finance, and we’re proud to support their next phase of growth with stable, long-term funding.”
“As we continue to grow, partnerships like this allow us to deploy capital into established sectors where experienced lenders are already delivering strong outcomes for borrowers across the UK.”
Andrew Townsend, chief executive officer at Glenhawk, adds: “We are delighted to have entered into a long term partnership with such an innovative bank as Kroo.
“The partnership complements our other institutional warehouse and forward flow partnerships which together provide a strong funding base that enables us to meet the continued strong demand for our market leading bridging products.”
