Glenhawk review 2026: the £250,000 floor, the six-month rule and what the accounts show

What the filed accounts show, and what they do not

Glenhawk Group Limited (11481088) filed group accounts to 30 September 2025 on 11 February 2026. They report turnover of £59,635,981 against £55,793,061, gross profit of £20,310,186, administrative expenses of £32,384,008 with a further £522,362 exceptional charge, an operating loss of £12,596,184 and a loss before tax of £15,058,998. The prior year loss before tax was £7,247,756. Net assets stood at £15,733,998 against £17,100,768. The six-year summary in the same document records a pre-tax loss in every year from 2020 to 2025: £1,861,882, £1,539,547, £1,595,201, £1,065,355, £7,247,756 and £15,058,998. Average loan to value across the book was 63%.

The directors explain the shrinking book themselves: “In January 2025 we tightened our credit appetite based upon trends in historic lending and the slower housing market... At the same time we increased the minimum loan size across our product range to improve operational efficiency.” The result was a loan book falling to £313m at 30 September 2025 from £379m a year earlier, excluding loans sold under forward flow arrangements. They also disclose provisions for doubtful debts relating to a specific cohort of lending, with an increased capital allocation and a resulting higher interest cost.

The framing matters. The accounts were prepared on a going concern basis, the directors concluded there is no material uncertainty, and the auditors agreed. They were signed by Andrew Townsend on 28 January 2026. A lender's losses are its investors' problem, not its borrowers', because the borrower owes the lender rather than the other way round. What losses of this size do change is appetite: a tighter credit box, a higher minimum loan, and less room on a marginal case. Those figures were read from an image-only scan of the filing, so we attribute them to the filed accounts rather than presenting them as company commentary.

Who owns Glenhawk, and why the website does not say

The FY25 accounts state it plainly: “GLEU GHK S.a.r.l, a company incorporated in Luxembourg with registration number B284180, is the ultimate parent undertaking and controlling party of the group. The ultimate controlling party is Marc Lasry by virtue of their controlling interest in the ultimate parent company.” The related-party note names Vantage Sky Holdings Limited as the former immediate parent and refers to a previous controlling shareholder, plus a British Virgin Islands entity, Typhoon Investments Ltd.

None of that appears on glenhawk.com. The site lists the group companies and their registered office at 2nd Floor, Mutual House, 70 Conduit Street, London W1S 2GF, and it names Glenhawk Property Finance Ltd (11539817) as authorised and regulated by the Financial Conduct Authority under firm reference number 826671. It does not name a parent or an ultimate controlling party. A borrower doing ordinary diligence on who they are dealing with will not find that from the website; it takes a Companies House filing.

Founder Guy Harrington remains a director per the FY25 accounts, and the same accounts record £25,000 paid in the year to a consultancy he controls and a £10,000 loan to him written off. Trade press reported that he stepped down as chief executive in mid-2025, which Glenhawk has not published itself. On the sales side, Josh Knight was appointed managing director of sales and marketing on 18 May 2026, and Chris Daly runs structured real estate. Kroo Bank announced on 13 May 2026 that it had acquired a Glenhawk loan portfolio and entered a forward flow arrangement to fund future bridging. That announcement is Kroo's. It does not appear on Glenhawk's news page, so we report it as a third-party statement.

The six-month rule and the £250,000 floor

Both the unregulated and the regulated product guides carry the same line: “If loan term is 6 months or less, max LTV is 60%. If LTV is greater than 60%, min loan term is 12 months.” It applies across the range, and it is a structural rule rather than a pricing one.

Work through what it costs. A borrower buying at auction who expects to sell within four months and wants 70% of value has two options at Glenhawk, and neither is the one they asked for: take 60% and find the difference elsewhere, or take 70% on a twelve-month term and pay interest they did not plan for. Interest is charged on a daily rate, which softens the second option because early redemption is priced to the day rather than to the month. It does not remove the problem, since the twelve-month commitment is a term minimum.

The £250,000 minimum compounds it. Glenhawk applies that floor to every product, regulated bridging included, and the directors say in the accounts that they raised minimums in January 2025 on purpose. Against Together's £26,000 floor and MT Finance's £50,000, that puts Glenhawk out of reach for most ordinary bridging enquiries before criteria are even considered. Refurbishment is quoted at a £300,000 minimum on the website and a £250,000 day-one gross figure in the guide.

The product range, and where the site and the guide disagree

The range covers residential, commercial, mixed use, refurbishment, second charge and regulated bridging, plus a structured real estate desk writing £5m to £50m at up to 75% LTV over three to 24 months on bespoke terms.

Residential bridging runs from 0.68% a month to 75% LTV, three to 24 months, first and second charge, interest serviced or retained, arrangement fee up to 2%, with below-market-value lending to 75% of value or 85% of purchase price. Commercial runs from 0.88% to 70% on the site, first charge only, and takes land with full planning at a 60% LTV restriction. Mixed use starts at 0.75%, with the guide splitting it into commercial and residential variants and defining mixed residential as at least half the square footage residential. Refurbishment starts at 0.72%, funds up to 100% of refurbishment costs in arrears against a 70% loan to gross development value, and requires planning in place before completion. Second charges start at 0.95% at up to 65% LTV inclusive of the first charge, must sit behind a mainstream long-term first charge rather than another bridge, and are not available on commercial, mixed or refurbishment products.

Now the disagreement. Glenhawk's website and its 14 October 2025 product guides give different maximum loan sizes for every product. Commercial is £3m on the site and £5m in the guide. Mixed use is £4m on the site, and £5m in the guide with £10m available on multiple units at 60% LTV. Second charge is £5m on the site and £4m in the guide. Regulated is £3m on the site and £2m in the guide with more on referral. Refurbishment is £4m on the site and £10m in the guide, with heavier works capped at £2m. Commercial maximum LTV is 70% on the site and 65% in the guide sidebar, and the commercial term is three to 18 months on the site against 24 in the guide. Six products, six mismatches. We work from the guide and confirm the number with the desk.

One thing Glenhawk is clear and unusual about: valuation basis. Its commercial page says “the basis of our lending is open market value (OMV). We don't use 180 or 90 day ‘forced sale’ valuations.” Against a lender measuring commercial LTV on a 180-day figure, that produces a larger advance on the same building, and it is the strongest argument for putting a commercial case here despite the floor.

What it costs, including the exit fee the product pages deny

The published fee stack: an arrangement fee of up to 2% deducted from the loan in advance at completion, an admin fee of £795 on unregulated loans up to £700,000 and £1,350 above that, and a general insurance fee of £999 on unregulated loans. Regulated loans carry a £575 admin fee and a £750 general insurance fee. Interest is charged on a daily rate throughout, which is genuinely better for a borrower than whole-month charging.

The tariff of charges adds what the product pages do not. A £50 telegraphic transfer fee. A £125 utilisation request fee in England and Wales. A £100 change of guarantor fee. A £100 ground rent or service charge arrears fee. A £50 monthly arrears management fee. A £35 formal demand or default notice fee. A £150 security release fee per security. A loan extension fee described as “typically... 2.5% of the total”. And an exit fee: “You may have to pay this if... This fee varies and will be detailed in the AIP.”

That last one sits directly against the product pages, which advertise “Exit fee: None”. Both statements come from Glenhawk. On a £1m loan extended by three months, the 2.5% extension fee alone is £25,000 before any additional interest, which is a bigger number than the difference between Glenhawk's 0.68% and any competing headline rate. The practical response is to ask for the AIP's exit fee line and the extension terms in writing before the valuation is instructed, and to read the default fee and default interest provisions in the facility agreement, which the tariff points to rather than quoting.

There is one incentive worth naming on the other side. Glenhawk rebates part of the loan on redemption where the energy performance certificate improves: 0.25% of the loan for an improvement to C, 0.35% for A or B on light refurbishment, and 0.50% for A or B on heavy refurbishment. On a property refurbishment case where the works were happening anyway, that is real money back.

Who gets approved, and what property is refused

Borrowers must be aged 21 to 80 at maturity. UK and EEA nationals need three years of residential history. Foreign nationals and expats are considered with a minimum of twelve months of UK residency. Gifted deposits are accepted, adverse credit is considered case by case, and limited companies, LLPs, individuals and onshore and offshore trusts are all eligible. Re-bridges are considered case by case, and on regulated cases Glenhawk lends up to 70% LTV on one.

The property exclusions are specific and worth checking early: freehold flats, PRC properties, high alumina cement construction, timber frame without a brick skin, and fully steel or timber framed construction are not accepted. Listed properties are accepted only where Glenhawk's valuer deems them saleable and mortgageable, with Grade A and B listed accepted in Scotland. Leasehold needs 70 years remaining at redemption, flying freehold under 15% is accepted, and property built in the last ten years needs a new build warranty and building regulation inspection certificate. No search indemnity is considered, which means the searches have to be done and that affects the timetable.

Automated valuations exist on regulated cases only, up to 65% LTV, a maximum property value of £1m and a maximum loan of £650,000. Nothing equivalent appears in the unregulated guide. Personal guarantee policy is not published; the tariff includes a change of guarantor fee and refers to loans that have a guarantor, so guarantees feature on some facilities without Glenhawk stating when. Geography is England, Wales and Scotland, with utilisation requests in Scotland requiring Glenhawk to appoint solicitors at the borrower's cost. Northern Ireland does not appear anywhere, which we record as an absence rather than as a stated exclusion.

One distribution point applies to regulated bridging only. The regulated guide says applications must be submitted through an authorised broker on an advisory basis, and that regulated products go through FCA authorised intermediaries. A regulated bridge secured on a borrower's own home therefore needs a firm giving mortgage advice, which is a different service from arranging business finance.

Speed claims and the small print underneath them

The intermediary pages promise an agreement in principle in under an hour and say many deals complete in as little as five to eight working days. The second charge page adds that its fastest recent case completed in five working days. At the foot of those same pages sits the small print: “Typical completion time 10–15 working days, subject to valuation, legals, borrower cooperation. Indicative AIPs typically within 1 hour during business hours on complete enquiries.”

Ten to fifteen working days is two to three calendar weeks, which is a normal bridging timetable and a long way from five. We plan on the small print, not the headline, and the no-search-indemnity rule is one reason the real figure sits where it does. The hour-long AIP claim is the part we would rely on, since an indicative decision is inside Glenhawk's own control in a way that a solicitor's searches are not. Trustpilot shows 4.3 from ten reviews, read on 7 September 2026, which is too small a sample to draw much from.