Sam Howard will leave Regentsmead to co-launch development finance lender Magnet Capital with former Regentsmead head of lending, Ashley Ilsen.
Ilsen (pictured) said the new lender will be looking to add an extra dimension to the development space.
A reduction in lending by some of the challenger banks and Brexit could be behind the slowdown.
Searle will be promoting the development finance lender and its’ products to the broker market.
Lenders have welcomed a consultation by the FCA on arrears.
The provider is offering a nine month product with a monthly interest rate of 0.75% and a 2% redemption fee, a 12 month product at 1.25% with a 1% redemption and a 15 month offering with a rate of 1.35% with a 1% redemption fee. All products come with a 2% commitment fee.
Sam Howard has been made chief operating office of the development finance lender.
Former Regentsmead chief executive James Bloom is set to join Masthaven Bank.