Dragonfly Property Finance has recruited Gavin Eustace as its head of residential development.

Eustace joins from Lloyds Banking Group, where he was an associate director in the corporate real estate team. He most recently specialised in negotiating and executing high-value debt transactions on behalf of clients, including residential developers and house builders.

He previously worked in the corporate real estate team at Bank of Scotland, where he was responsible for the performance of a £1bn portfolio of real estate assets.

In his new role at Dragonfly, Eustace will work closely with Maslow Capital, Dragonfly’s development arm and will report directly into Matt Smith, Dragonfly’s head of credit and servicing.

Eustace said: “Maslow’s track record in development finance is highly impressive and I’m looking forward to working in close co-operation with the team there.

“I know from my own experience that conventional providers of finance are now operating in the face of some very difficult constraints, and that means there is a huge opportunity for agile lenders such as Dragonfly to step into the gap they have left.”

Jonathan Samuels, CEO of Dragonfly Property Finance, added: “While we are really pushing hard on our commercial bridging proposition, our residential division also continues to grow strongly.

“Hiring Gavin will generate even more momentum in that area of operations and further consolidate our overall market position.”