Tuscan Capital has announced the appointment of a new chief financial officer (CFO).

Ed Parsons joins the firm with immediate effect.

He is a co-founding director of the bridging firm along with CEO Colin Sanders, but for contractual reasons, can only now be confirmed in his new role.

Parsons (pictured) has over 20 years’ experience in finance and accounting, including a decade in which he specialised in corporate and structured finance.

He formed and structured the funding lines for bridging lender Omni Capital Partners – now Fortwell Capital – which entered the market in 2010.

Parsons said: “Whilst well-supplied with reputable lenders, bridging continues to offer excellent opportunities for new providers willing and able to take the right approach to risk.

“Having helped launch and grow one successful lender eight years ago, I and fellow co-founder of Tuscan Capital, Colin Sanders, judged there was spare capacity in the sector to accommodate another entrant capable of serving the specific needs of brokers.

“As CFO, I will be taking a hands-on approach and won’t be afraid of getting involved in tasks not usually associated with the role. In particular, I want to give Colin and the first-rate team we’re building all necessary support to allow the business to expand proportionately and sustainably.

“One of my priorities in this regard is to secure an additional funding line to help meet the enthusiastic response we’ve received from brokers and introducers.”

Sanders added: “Ed and I worked closely together at Omni to turn it into one of the sector’s best-known names.

“Whilst certainly good with numbers and commendably careful with the company’s treasure, he’s a far cry from the usual ‘accountant’ stereotype. With an astute commercial flair and ability to look at the bigger picture, I couldn’t ask for a better senior partner to help us take Tuscan Capital forward.”

Sanders added that, following a stronger-than-expected first quarter’s trading, the lender is looking to add to both its sales and credit risk teams and would be interested in hearing from suitably qualified applicants.