Newable Finance helps secure £3M in business loans for clients
Newable Finance partnered with an alternative lender to help secure over £3m in business finance for clients.
Funding solutions for all
Newable Finance, part of Newable Group with decades of experience in all aspects of lending, are renowned for having outstanding customer service. With 300 years of experience across the team, Newable Finance is on a mission to help landlords, investors and developers get the best financial advice and service.
Our growing team of experienced advisers provide support through a range of property focused financial products including bridging finance, commercial mortgages, development finance and buy to let portfolio mortgages!
We recently partnered with alternative lender; Glenhawk to help secure funding for two clients.
Our team were approached by two different clients with similar problems. Both developers who were affected by COVID and the subsequent lockdowns which meant severe delays. The developers found it difficult to source materials and contractors to finish their projects.
Our team were contacted by a valued introducer who wanted to ensure the lender had funds available and had reputable valuers on panel who understood the area.
We spoke with several lenders and managed to find a lender that lent to both on the basis that the existing value would increase with the development going forward.
We managed to secure £1.8m for one of the clients; which included 12 months in retained interest and a small capital raise so the developer had funds available to make last minute changes to the property ready for sale.
We also secured another £1.3m as a Development Exit for the second client. We drew the loan within a month; allowing the client to complete the project. Our team assisted with all the legal work required and played a major role in the quick completion.
Partnering with Glenhawk
Glenhawk is a leading non-bank lender specialising in short term real estate finance.
With experience in the real estate and financial worlds, Glenhawk has a unique understanding of its clients’ challenges and offers a simple, flexible approach that makes it the long-term partner of choice for short-term property finance.
Glenhawk are delighted to have partnered with Newable and help fund these bridging transactions. These loans are testament to both teams and how we work closely to provide the clients with fast, effective short-term finance.
Jamie Pritchard, Director of Sales at Glenhawk comments: ‘Newable’s impressive knowledge of the short-term finance market and due diligence means as Glenhawk continue to expand and grow month-on-month within the short-term property finance space, introducing further product lines in 2021 and 2022, we can work closer with the most experienced and professional commercial brokers in the business. Newable tick all of these boxes and more’
“Glenhawk was professional and hardworking throughout and kept in constant communication.” Laurence Mills – Finance Broker, Newable Finance