View more on these topics

Exclusive: Ex-Dragonfly trio to launch Octane Capital in May

The founder of Dragonfly Property Finance, Jonathan Samuels, will launch a new specialist lender in May, joined by former colleagues Mark Posniak and Matt Smith.

Octane Capital will offer residential and commercial bridging loans, medium-term buy-to-let products and development finance, primarily through brokers and master brokers.

The new lender is a joint venture with investment management firm Pamplona Capital Management, which manages funds in excess of $5bn.

Samuels founded Dragonfly – since rebranded as Octopus Property – in 2009 and left in late 2015. Last month Mortgage Strategy revealed that he would be establishing a rival specialist lender this year.

Samuels will take on the role of chief executive at Octane and will be reunited with former Dragonfly colleagues Mark Posniak and Matt Smith, who will assume the positions of managing director and director of risk respectively.

Posniak and Smith held the same role at Dragonfly, until their departure in November 2016 to join Samuels in the new venture.

Tom Clark, who was previously head of bridging at Wellesley and senior development manager at Shawbrook Bank, will also join Octane Capital as sales director.

Further hires to date include former Dragonfly finance manager Robert Graham as head of finance and Octane is continuing to recruit for development, credit and sales roles.

Samuels says: “It’s fantastic to be back in the industry and working again with some of the most respected names in specialist property finance. In Pamplona we have an exceptionally strong and experienced funding partner that will position us well from the outset and enable us to lend at will. Our focus will be on complex, non-standard loans that are outside the comfort zone of most other lenders but which we believe play to our strengths. We are certainly not here to make up the numbers.”

Octane Capital’s initial product range will be announced in May when it formally launches in May.

Recommended

Samuels-Jonathan-2017

Exclusive: Dragonfly founder Samuels returns with new specialist lender

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 […]

Business-Handshake-Finance-Deal-700.jpg

Dragonfly Property Finance set to rebrand

Short- and medium-term lender Dragonfly Property Finance is set to rebrand as Octopus Property in the first half of next year. The lender, which launched in 2009, is part of The Octopus Group, an investment business with over £5.5bn of funds under management. Dragonfly managing director Mark Posniak says: “Octopus has been instrumental to Dragonfly’s […]

Home-House-Monopoly-Money-Property-700x450.jpg

Shawbrook adds new interest-only product for over 55s

Shawbrook Bank has launched an interest-only mortgage for the over 55s, initially available to brokers exclusively through Key Retirement Solutions. The new product targets those aged 55 and over who are coming to the end of their current interest-only mortgage. Shawbrook says that the deal allows customers to remain in their home for up to […]