Founder of Dragonfly Property Finance Jonathan Samuels has announced his return to the specialist lending market with the creation of Octane Capital.
Due to launch in May, Octane will focus on complex, non-standard and larger-than-average loans that brokers may struggle to place with other lenders.
It will offer residential and commercial bridging loans, medium-term buy-to-let products and development finance at competitive rates, sourcing loans primarily through brokers and master brokers.
The new lender is a joint venture with Pamplona Capital Management, a global investment management firm with funds under management in excess of $5bn (£4.02bn).
As Octane Capital chief executive, Mr Samuels will be reunited with Mark Posniak and Matt Smith, with whom he has worked closely since setting up Dragonfly Property Finance in 2009.
Mr Posniak will assume the position of managing director and Mr Smith will become director of risk.
We expect them to make a serious impact on the niche specialist market.Rob JuppTom Clark, previously head of bridging at Wellesley and senior development manager at Shawbrook Bank, also joins Octane Capital as sales director.
Mr Samuels said: "It is 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.”
Rob Jupp, chief executive at Billericay-based Brightstar Financial, said: “The team that Jonathan has got is unquestionably one of the most revered and respected teams in the specialist lending market.
“We expect them to make a serious impact on the niche specialist market, and it is a very welcome and exciting launch strategy they are going to carry out.”
simon.allin@ft.com
