Dragonfly hires head of resi development

Eustace joins Dragonfly from Lloyds Banking Group, where he was an associate director in the corporate real estate team.

He specialised in negotiating and executing high-value debt transactions on behalf of clients, including residential developers and house builders.

The London-based lender will pair Eustace with Maslow Capital, Dragonfly’s development arm, to improve relations between the two business operations.

Eustace said: “Maslow’s track record in development finance is highly impressive and I’m looking forward to working in close co-operation with the team there.

“I know from my own experience that conventional providers of finance are now operating in the face of some very difficult constraints, and that means there is a huge opportunity for agile lenders such as Dragonfly to step into the gap they have left.”

He spent five years at Lloyds, previously working in the corporate real estate team at Bank of Scotland where he took responsibility for the performance of a £1bn portfolio of real estate assets.

Matt Smith, head of credit and servicing at Dragonfly Property Finance, whom Eustace will report to, said: “We are really pleased to be able to attract someone of Gavin’s calibre to Dragonfly.

“He has a strong pedigree, considerable experience in residential development and will be an important addition to the team as we continue to build in the months and years ahead.”

Jonathan Samuels, chief executive of Dragonfly Property Finance, added: “While we are really pushing hard on our commercial bridging proposition, our residential division also continues to grow strongly.

“Hiring Gavin will generate even more momentum in that area of operations and further consolidate our overall market

Maslow and Dragonfly Property Finance are one of the leading providers of development finance in the UK, offering loan facilities from £500,000 to £25m.