Property finance lender Glenhawk is looking to become FCA regulated by Q1 2019.
The lender says that this will enable it to broaden its product range to include long-term consumer-facing products, and that it has plans to enter the buy-to-let, homeowner, and end of life sectors. It adds that there will be a particular focus on developing new products in the latter category.
Property developer Guy Harrington launched the Mayfair-based lender in January of this year. The firm offers short-term loans that typically range from £300,000 to £3m and boasts of imposing no admin or exit fees.
Harrington says: “As we look to build our retail focused offering this [bid for regulation] will support that strategy and provide us with increased credibility within that market.
“Once regulated we will then be able to offer a full suite of additional products, not just regulated bridging but term products… we’re quite keen to get into those and there are a few other things in pipeline we’re considering.
“Similar to our approach to short-term bridging, we believe that the later life market is ripe for disruption – there are existing products that do a good job, but we think that there is a gap for a more bespoke and consumer-friendly product.”