Real estate lender Glenhawk has launched a new two-year property investment product.
The maximum loan size of the new product is £3m at up to 70% LTV (for commercial, mixed commercial and MUB/HMO assets), with maximum terms of 24 months and no ERCs or repayment fees. Glenhawk says it has launched the product in direct response to market feedback as existing lenders pivot towards longer-term products due to rising interest rates impacting on funding costs.
Michael Clifford, commercial director at Glenhawk, said: “Diversifying our product range in response to market demand is central to the delivery of our £1bn annual lending target. With lenders switching focus to longer-term products, a general tightening of lending criteria and increased pricing, we feel now is the right time to launch a property investment product.
“It will support borrowers who do not wish to tie themselves into significantly higher priced long term products that may also come with ERCs or prepayment fees. Crucially, we have the certainty of funding in place to offer professional investors a competitively priced product, with the flexibility to match their short to medium term investment strategies.”
Glenhawk said it had seen increasing borrower demand in Q4 to date, with strong lending volumes anticipated in November and December.
