Fieldfisher advises specialist property lender Glenhawk on Shawbrook funding line
International law firm Fieldfisher acted for new bridging loan market entrant, Glenhawk Financial Services, on its successful bid to secure a funding line from UK-based Shawbrook Bank and a global asset manager.
A specialist team made up of experts from Fieldfisher's banking, real estate and corporate practices advised the company on a syndicated facility to accelerate its entry into the short-term property financing market.
The facility formed a significant portion of Glenhawk's overall initial funding round and consisted of a senior secured term and revolving credit line to support its bridge lending activities.
Following its launch in January 2018, Glenhawk has lent over £20 million across 35 loans for property-related transactions and amassed a near-term pipeline of £35 million.
Led by Guy Harrington, Chief Executive Officer of Glenhawk and managing director Paul McFadyen together with support on the board from Rightmove founder Harry Hill, Glenhawk hopes to capitalise on the growing demand for non-bank lending and leverage the real estate and financial services backgrounds of its team in offering a more agile and streamlined lending process.
Under the terms of the facility, Glenhawk will deploy the funds into short-term residential and commercial loans, typically between £300,000 and £3 million in size. It will also have the option to fund latter stage development.
Oliver and Jayne commented: "We were delighted to be engaged by Glenhawk as it embarks on its potentially disruptive entry into the short-term property lending market.
"Completing this ambitious deal for a highly-motivated client required us to draw on a number of skill sets and areas of experience across the firm.
"The UK bridging loan market continues to evolve with the increasingly diverse needs of the property sector and Fieldfisher is delighted to bring this deal to a close and to continue to assist Glenhawk as a valuable client of the firm on various aspects of its business."
Paul McFadyen, Managing Director of Glenhawk, commented: "Fieldfisher demonstrated great commercialism and exceptional attention to detail throughout the transaction. From the outset, all the deal team were highly diligent and responsive."