Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.

Glenhawk Completes £2.85m Development Exit Loan in North Yorkshire

Glenhawk has completed a £2.85 million development exit loan in North Yorkshire, refinancing an existing development facility on a completed residential property. The loan provides the borrower with additional time to market the asset, rather than proceeding with a forced sale.

The specialist lender structured the facility at 71% loan-to-value (LTV) against the property’s open market value, rising to 80% LTV when measured against the property’s 180-day valuation. The loan was secured against a large house located in a rural area.

The transaction enabled the developer to repay existing development finance and release capital for the acquisition of a new site. According to the report, this deal comes at a time when bank lending to smaller property investors has dropped by 14%, highlighting the role of specialist lenders in the current market.

Forest Hall Financial Solutions introduced the transaction. Annaliese Ellis, business development manager at Glenhawk, originated the loan, while Caitlin Nicholson, underwriter at Glenhawk, handled the underwriting.

The transaction demonstrates the availability of alternative finance options for property developers in rural markets, where high-value assets and remote locations can present challenges for conventional lending criteria.