A new Mayfair-based short-term property finance provider has been launched with Harry Hill, the Countrywide founder and ex-Rightmove chief executive, as one of its non-exec directors.
“The short-term property finance market is a crucial part of the property development sector in the UK but has suffered in the past from association with the sharp business practices of an unsavoury minority,” says Harry Hill.
Hill - an outspoken supporter of Purplebricks - adds that the development industry has passed through that 'sharp practices' phase but that it requires “a new player with a fresh approach to wake things up,” hence his involvement with a firm called Glenhawk.
Lending using its own capital, the company aims to offer something new to the bridging loans sector by combining financial know-how with wide-ranging property experience.
The company was founded by Guy Harrington, a property developer. Joining him is managing director Paul McFadyen, the former UK MD of Regis Group, and as director of lending Nick Hilton, who has lent over £300m across both residential and commercial bridging since 2008.