Leading bridging lender Dragonfly Property Finance has been sold for an undisclosed sum.
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div>Leading bridging lender Dragonfly Property Finance has been sold for an undisclosed sum.
Octopus Capital Ltd, the holding company of Octopus Investments Ltd, has recently acquired for an undisclosed sum the management company, which manages its lending business, through which Jonathan Samuels set up and managed the Dragonfly Property Finance lending business.
Jonathan, and the employees of the management business, will be joining Octopus Investments as full-time employees. Jonathan will be CEO of Dragonfly Property Finance.
Simon Rogerson, CEO of Octopus Investments, commented: “Jonathan first pitched this niche property lending business to us over 4 years ago. It was a bold and counter-cyclical business plan, but Octopus Investments prides itself on working with experienced and entrepreneurial-minded people. Since then the business has outgrown both our and Jonathan’s most ambitious hopes. As part of this acquisition, we welcome Jonathan and his employees to the Octopus team.”
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Jonathan Samuels, CEO of Dragonfly Property Finance, added: “Octopus are a fantastically successful asset manager with over £3 billion funds under management. Octopus are market leaders in innovative tax solutions and have a very entrepreneurial and dynamic mindset. We have worked closely together over the past 4 years and I personally look forward to becoming part of the team driving the business forward.”The news comes off the back of the launch of another innovative new product by the lender this week, which unveiled a new three-year Commercial Term loan for loans up to £10 million.
Dragonfly Property Finance launched in 2009, originally as Drawbridge Finance, and was initially backed by Octopus Investments with £25 million.
2 Comments
Steve Flood
I thought that Octopus were always holding the puppet strings! Im sure they have always recruited staff for Dragon Fly.
David Vieira
Congratulations guys, good to see more good news back in the Commercial Market.