George Patellis, the ex-director of Lehman Brothers-owned Preferred Mortgages, has joined Blueprint Lending as non-executive chairman.
Blueprint is a commercial lending start-up formed by a group of former members of 5D Finance.
Although funding for Blueprint is yet to be secured there are advanced talks with a number of institutional investors. Several entrepreneurs are believed to have expressed an interest in the venture with a view to injecting seed capital.
Based in New Jersey, USA, Patellis has some 18 years of experience in the specialist mortgage markets across the Atlantic, the UK, Australia, Germany, Puerto Rico, Canada and Costa Rica.
In addition to his time at Preferred, Patellis was also a consultant at the now defunct Regulatory Alliance of Mortgage Packagers.
He has extensive experience of the capital markets and his appointment will further strengthen Blueprint’s already strong team, fronted by 5D’s former head of sales and Blueprint’s acting chief executive officer Nick Sneddon.
Once funding is in place and lending begins each new loan will be individually graded both initially and ongoing to reflect movements in quality, resulting in a constant bar-ometer of the overall loan pool.
Sneddon says: “This is a great coup for Blueprint Lending and we are delighted to welcome George Patellis on board as non-executive chairman. His in-depth knowledge of the market both here and across the Atlantic will be instrumental in getting Blueprint Lending off the ground. This is just the first of many new initiatives we expect to ann-ounce over the coming weeks and months.”
Patellis says: “This is a fantastic opportunity to work with a highly professional and proficient management team. The business model that has been put together is in sync with my personal views on how credit should be extended through common sense, back to basics, underwriting.”