Short-term real estate lender Glenhawk is offer a promotion to offer borrowers free legal and valuation fees.
The promotion from Glenhawk is available to all applications received by 27 March, with the promotion applying on loans with £10m and the lender covering up to £3,000 including VAT in legal and valuation fees for new unregulated product requests.
The initiative has been launched in direct response to market feedback and aims to lower the upfront costs for borrowers, which shows its “client-centric approach”.
This is the third promotion that the lender has offered in the past 18 months when it comes to lowering valuation charges. However, this is the first time that the company is eliminating upfront costs up to £3,000.
The saving is expected to “benefit property investors, developers and homeowners, who continue to face a challenging financing environment for acquisitions and refurbishment projects”.
Guy Harrington (pictured), CEO of Glenhawk, commented: “Reducing upfront costs will support residential investors and developers in their transaction journeys, while speeding up housing market transactions and project delivery.
“The general feedback from our broker network and their borrower base has been that valuation and legal fees remain a considerable cost, and we will put the interests of our clients first wherever we can in the current macroeconomic environment.
“We are witnessing a continued recovery in transaction volumes, as demand for competitive financing solutions remains robust.”
Anna is a reporter for Mortgage Solutions and assistant editor for Specialist Lending Solutions, both B2B sister titles of YourMoney.com. She has worked as a journalist for over four years, initially in the specialty insurance sector before moving onto mortgages.
