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September 16, 2022

Glenhawk, NatWest agree on £200m senior funding line

UK-based specialist lender Glenhawk has reached an agreement for a £200m senior funding line from NatWest Markets to lend £1bn annually by 2024.

The new funding builds on its existing funding agreement with US banking major JP Morgan.

Glenhawk said the new facility will allow it to increase its lending volumes and drive the expansion of unregulated product offerings and regulated credit products.

Specifically, the unregulated range will be focused on refurbishment and light development projects and larger loan sizes.

The lender noted that the current market conditions allowed it to achieve record lending in May, June, and July.

NatWest Markets managing director Jennifer Wallaert said: “NatWest Markets is delighted to work with Glenhawk’s team and support the company in its next phase of growth. This transaction demonstrates NatWest Markets’ expertise and capabilities in the UK specialist lending space and associated hedging.

“Supporting UK businesses and ultimately providing tailored innovative funding solution to an underserved part of the market is at the very heart of NatWest Markets purpose led strategy.”

Glenhawk treasurer & ESG director Daron Kularatnam said: “The market dislocation we are witnessing as a result of the current macroeconomic volatility provides an attractive window for highly disciplined and well-capitalised lenders. Furthermore, the fundamentals underpinning homeowner, commercial and mixed-use asset real estate remain particularly compelling.

“Borrowers looking for sophisticated lending solutions that marry speed and flexibility with certainty of funding remain underserved, and NatWest’s support will enable us to accelerate the roll out of new products that meet growing investor demand.”

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