Dragonfly approved to give short-term loans
As a specialist in short and medium term finance, Dragonfly already offers bridging loans, second charges, buy-to-let loans and development finance.
FSA approval means it will now be able to take first charges on residential property.
Mark Posniak, head of marketing and operations at Dragonfly Property Finance, said: “Now we have been authorised, we will be able to lend based on taking homes as security.
“It’s not about becoming the next high street lender, but about supplementing our current business model providing short and medium term loans for up to three years.”
Mr Posniak described Dragonfly products as typically used by professional property investors such as buy-to-let landlords, or developers refurbishing properties.
He said: “FSA approval means we can offer regulated loans initially for up to 12 months, geared around typical chain breakers, like people wanting to move to the next property or downsize. Each deal is decided on its own individual merits.”
Between now and 1 August, Dragonfly will select 10 key partners that will broker all regulated deals during the initial roll-out.
Jonathan Samuels, chief executive officer at Dragonfly Property Finance, said: “To have received FSA approval is fantastic news for Dragonfly and as a fully authorised lender we intend to put our foot down even harder on the pedal.
“We have come a long way in our short history but we now plan to really up the ante and become a one-stop shop for brokers.”