Paragon has announced the appointment of two industry veterans, Sanders and Patel, to spearhead the development of its bridging finance proposition. This strategic move is significant as it aims to enhance Paragon’s offerings in the competitive mortgage market, particularly for landlords and property investors seeking flexible financing options.
Who are the new appointees in the mortgage market?
Sanders brings extensive experience in specialist lending, having previously served as CEO of bridging lender Omni Capital. He later founded Tuscan Capital, which was sold to Allica Bank. Joining him is Patel, who has significant experience in specialist markets, having held senior roles at companies like Together and Precise Mortgages. Their combined expertise positions Paragon to effectively navigate the complexities of bridging finance.
What will the bridging proposition involve?
Sanders and Patel will pilot the bridging proposition with a select group of intermediaries, leading up to a full launch in the future. This initiative aims to create a bridging finance service that is both agile and committed to long-term partnerships, catering to the evolving needs of the mortgage market.
What this means for landlords and brokers in the mortgage market
The introduction of a new bridging finance option by Paragon is particularly relevant for landlords and brokers seeking quick and flexible financing solutions. As the mortgage market continues to evolve, having access to a reliable bridging finance provider can facilitate property transactions, enabling landlords to seize opportunities without lengthy delays. Brokers should keep an eye on this development, as it may offer new avenues for client financing.
Frequently asked questions
What is bridging finance?
Bridging finance is a short-term loan used to bridge the gap between the purchase of a new property and the sale of an existing one, often used in property transactions.
How will Paragon’s new proposition benefit brokers?
Paragon’s new bridging proposition aims to provide brokers with a flexible financing option, allowing them to better serve clients looking for quick funding solutions in the property market.