Glenhawk adds two to team
Glenhawk, a provider of short-term property finance, has appointed Joan Drummond as Head of Collections and Andreea Negroiu as Treasury Associate.
Glenhawk has generated new loan enquiries totalling GBP191 million since the government imposed lockdown was announced on the 23 March 2020, and increased the size of the loan book by 20 per cent. During the same period, it has experienced no defaults, whilst also redeeming up to GBP12 million of loans.
Guy Harrington, Founder and Chief Executive Officer of Glenhawk, says: “The past three months have been unprecedented. But despite these challenges, we have seen a consistent level of borrower enquiries. This has been exacerbated by both the unwillingness of the high street banks and debt funds to lend and wider market pressure to increase pricing and reduce LTVs. Whilst remaining committed to responsible and diligent lending, we have continued to grow the loan book and with the backing of JP Morgan, we remain on track to grow our UK loan book to GBP200 million by the end of 2021.”
Drummond joins Glenhawk in a newly created role as Head of Collections, with responsibility for heading the loan servicing and collections team. She brings over 20 years of experience in loan servicing, having previously managed operational teams at Mars Capital and CHL Mortgages, where she dealt with a wide range of loan books across the residential, Buy-to-Let and commercial sectors, encompassing all aspects of both primary and specialist servicing including recoveries and asset management.
Alongside Drummond, Negroiu joins as Treasury Associate. Reporting directly to Group Treasurer Daron Kularatnam, she will be part of the team responsible for securing and managing third-party funding lines. Andreea previously held roles within RBS’ Capital Markets team and with NewDay’s Treasury department.
In March Glenhawk announced it had agreed a senior funding line with JP Morgan, the first time that JP Morgan had invested in a private securitisation backed by UK bridging loans. The new structure increases the maximum loan size that Glenhawk can write from GBP3 million to GBP5 million and will support its entry into the cGBP70 billion per annum UK homeowner mortgage market.
Harrington adds: “Since the onset of the pandemic our near-term focus has been on working closely with all our stakeholders and offering support where necessary. Despite a number of logistical challenges, the way that everyone has adapted to remote working has been immense, and having taken the decision not to furlough any team members, we are approaching the second half of the year from a position of strength.
“Joan and Andreea will be excellent additions to our existing strong team. As we continue to grow the business, we require people with new skills and expertise, and Joan in particular brings a wealth of experience which will be invaluable.”