Sam Howard will leave Regentsmead to co-launch development finance lender Magnet Capital with former Regentsmead head of lending, Ashley Ilsen.
The newly launched lender will offer a range of products, focusing solely on the residential development finance market.
Howard said: “After seven years at Regentsmead, where we built a niche lending practice, the chance to create a new proposition for our clients and broker partners is extremely exciting.
“There are a lot of lenders in the market but the development finance market needs a dynamic new lender harnessing the service and flexibility of Regentsmead with market leading rates.”
Howard will be managing director alongside chief executive Ilsen.
Illsen added: “Sam and I are looking to push out an offering that we believe to be market leading. Sam’s deep development finance knowledge and expertise as a lawyer are second to none and it’s great to be working alongside him again.”
“We are due to announce further information on our funding partnership in the coming days and are very excited to shortly be opening our doors for business.’
Magnet Capital will open its doors to the broker market on October 14.