Kroo Bank, a fully licensed UK digital bank, has completed a loan portfolio acquisition and entered into a forward flow funding arrangement with Glenhawk, a specialist bridging lender, to bolster lending activity across the UK property market.
Under the terms of the deal, Kroo Bank will take on an existing portfolio of Glenhawk loans whilst simultaneously funding a portion of future bridge loan originations through a continuing forward flow structure, establishing an ongoing funding partnership between the two firms.
Kroo Bank CEO Veronika Lovett said: “This partnership reflects Kroo Bank’s strategy to diversify areas of the market that are often underserved and lack access to the funding they need. Glenhawk has an excellent track record in specialist property finance, and we’re proud to support their next phase of growth with stable, long-term funding.
“As we continue to grow, partnerships like this allow us to deploy capital into established sectors where experienced lenders are already delivering strong outcomes for borrowers across the UK.”
Glenhawk CEO Andrew Townsend said: “We are delighted to have entered into a long term partnership with such an innovative bank as Kroo. The partnership complements our other institutional warehouse and forward flow partnerships which together provide a strong funding base that enables us to meet the continued strong demand for our market leading bridging products.”
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