The founder and former chief executive of Dragonfly Property Finance, Jonathan Samuels, is returning to the mortgage industry having set up a new short-term lender.
Samuels left Dragonfly, which recently rebranded as Octopus, in late 2015 and will return to the industry at the helm of a newly established rival lender.
The name of the new firm has yet to be revealed but the launch is set to take place in the coming weeks, with Samuels having secured backing from a global investment business.
The new lender will source its loans primarily through brokers and master brokers and other well-known industry figures are also set to join the team.
Speaking exclusively to Mortgage Strategy, Samuels says: “I’m thrilled to be back working in the industry. It’s going from strength to strength and I’ve missed the great people involved.
“I’m fortunate to have hired some of the biggest names in specialist lending to ensure we hit the ground running.
“The market has grown since I left and become even more competitive. But we have identified deep funding gaps that we are looking to fill using our experience from many years in the sector.”
Further details are set to be announced in the coming weeks.