Paragon Bank has appointed Colin Sanders and Sundeep Patel to develop a bridging finance proposition ahead of a full launch in 2027.
Sanders (pictured, left) will lead the venture as managing director of Paragon Bridging Finance, bringing more than three decades of specialist lending experience.
He previously led bridging lender Omni Capital as chief executive before founding Tuscan Capital and selling the business to Allica Bank.
Patel (pictured, right), who has more than 20 years of experience working with intermediary partners across specialist markets, joins as commercial director. His previous employers include Together, Precise Mortgages and United Trust Bank.
Further appointments will be made as Sanders builds the bridging team, including a head of credit.
The pair will pilot the proposition with a select group of intermediaries during the final quarter of the year, before its full launch in 2027.
The service will provide funding for experienced property professionals, including developers, surveyors, architects, planning consultants and builders, as bridging finance moves further into the mainstream.
Sanders said: “Bridging finance has become an essential tool for property professionals, whether they are acquiring assets, funding refurbishment projects or wanting to move quickly to secure opportunities.
“The market has grown significantly in recent years but remains fragmented, and that has sharpened demand for lenders who are particularly credible and dependable.
“Our proposition will be built around what brokers and customers consistently tell us they need – straightforward communication, quick decisions, experienced people and reliable execution.
“With the backing of a FTSE 250 lender and all the experience and credentials that come with that, we have an opportunity to build a bridging finance business that is agile and committed in the long-term.
“Paragon is a highly respected bank and a recognised pioneer in specialist lending, with a strong reputation for supporting customers and intermediaries alike. The business has identified a clear opportunity for a trusted and established brand to further support the evolving needs of customers and brokers within the bridging sector.”
The launch forms part of Paragon’s wider diversification strategy and is intended to create opportunities for intermediary partners that already place buy-to-let or development finance business with the group.
