Paragon Bank has appointed Colin Sanders and Sundeep Patel to develop a new bridging finance proposition.
As revealed on Mortgage Soup this afternoon Sanders (main picture, left) joins as managing director of Paragon Bridging Finance and leads the development of the business, while Patel becomes commercial director.
The proposition targets experienced property professionals including developers, surveyors, architects, planning consultants and builders requiring fast and dependable short-term funding.
Paragon says further appointments will follow as the team expands, including a head of credit.
PILOT AHEAD OF 2027 LAUNCH
Sanders and Patel (main picture, right) will pilot the bridging proposition with a selected group of intermediaries during the final quarter of 2026, ahead of a full market launch in 2027.
The bank says its entry into bridging reflects the sector’s continued move into the mainstream and growing demand for established lenders capable of delivering certainty of funding and execution.
The proposition will support property professionals acquiring assets, undertaking refurbishment projects and moving quickly to secure time-sensitive opportunities.
EXPERIENCED LEADERSHIP
Sanders brings more than three decades of specialist lending experience. He has previously served as chief executive officer of Omni Capital and founded Tuscan Capital, which he subsequently sold to Allica Bank.
Meanwhile Patel has more than 20 years of experience working with intermediary partners across specialist finance, including senior positions at Together, Precise Mortgages and United Trust Bank.
“Our proposition will be built around what brokers tell us they need”
Sanders says: “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.”
He adds: “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.”
WIDER DIVERSIFICATION
The launch forms part of Paragon’s wider diversification strategy and creates new opportunities for intermediaries already placing buy-to-let or development finance business with the group.
