JP Morgan has entered the UK bridging loan market with a £200m deal.
The US bank has given the senior funding line to challenger institution Glenhawk, to support its goal of growing its loan book.
The deal will let Glenhawk increase its maximum loan size to £5m from £3m and mark the firm’s entry to the UK mortgage market.
Glenhawk founder and chief executive Guy Harrington described the deal as “a significant milestone” for the business, which he set up in 2018 with the backing of Rightmove founder Harry Hill.
“The new funds allow us to enhance our existing product range, while providing us with the platform to expand into markets where there is an opportunity for us to replicate our success to date, as we look to continue pushing the boundaries with what is possible in the non-bank lending space,” Harrington added.
To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette
