Property  

Short-term lender to pay legal and surveyor costs

Short-term lender to pay legal and surveyor costs

Glenhawk will pay its clients' legal and surveyor fees for the next three months.

The short-term property lender, which launched in January, does not charge administration, exit, early repayment or extension fees as standard - but the offer to cover both legal and surveyor costs is temporary.

Guy Harrington, chief executive at Glenhawk, said: "By offering to pay our client’s legal and survey fees, it means in partnering with us, our clients will incur absolutely no hidden or additional costs aside from our monthly interest rates.

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"We have a completely client centric philosophy; through a combination of the team’s real estate and finance backgrounds, we understand transparency and honesty are absolutely key for any borrower."

Earlier this month, Glenhawk secured a £75m funding line from Shawbrook Bank and an undisclosed global asset manager - a Glenhawk spokesman said the funds would be used to help accelerate the lender's loan book growth.

Having launched in January, the lender targets property investors, buy-to-let landlords and small and medium enterprises and is backed by Rightmove founder and former Countrywide chief executive Harry Hill.

Mr Hill said: "What attracted me to Glenhawk was the ambition to do things differently and already I can see that, through its level of service and innovative fee structure, Glenhawk is setting a new standard for the industry."

Andrew Montlake, adviser and brand director at Coreco, said: "It is always good to get more competition into the specialist property market and any additional assistance lenders can give clients are welcome.

"The proof will be in the rates and service they can ultimately offer as well as any differential in criteria."

rachel.addison@ft.com