Glenhawk cuts regulated bridging rates

Glenhawk has cut rates across its regulated bridging range by up to 16 basis points.

The reductions follow on from Glenhawk increasing the LTV on its regulated product to 75% and the maximum loan size to £2 million.

Across its entire regulated bridging range, the 75% LTV product will be available at 0.84%, down from 0.94%, 65% LTV at 0.74%, down from 0.90%, and the 50% LTV at 0.71%, down from 0.84%.

The range includes features such as title indemnity insurance for speed of completion and short form valuation reports to minimise borrower costs. All loans will be available to properties priced at below market value.

Glenhawk has also cut rates on its residential and development exit loans, which are now priced at 0.89% for a 75% LTV product, down from 0.99%. Additionally, loans for commercial properties targeting residential conversion are now available at 1.03% at 70% LTV, previously 1.15% at 65% LTV. Rates for commercial property bridging loans for non-residential use classes has been cut to 1.01% from 1.15% at 65% LTV.

Jamie Pritchard, managing director of sales, commented: “The UK residential market remains in remarkably rude health, which is underpinning strong appetite from borrowers looking to invest in their primary residence. We have historically been a first mover when it comes to revamping our product range in response to the macro picture and in order to remain competitive. Our experienced credit and underwriting teams give borrowers and brokers the confidence that transactions can be financed to support a critical refurbishment or exit within their required timeframes.”