The rebrand is to reflect Drawbridge’s move from its bridging core to Dragonfly’s wider service and product range, which includes bridging finance, buy-to-let, second charge and development and mezzanine finance.
The development and mezzanine finance option is new to Dragonfly as is the launch of Dragonfly fast-track, which can approve applications in just over an hour.
To qualify for the fast-track option, brokers must submit a completed and signed application form, photo ID for each applicant, the valuation and, for over 50% loan to value loans, a copy of three months’ bank statements.
The lender is also introducing a new streamlined process to offer which reduces the number of documents required from 10 to four.
Jonathan Samuels, chief executive at Dragonfly Property Finance, explained the decision to overhaul the lender’s image.
"In recent months, we increasingly felt the name 'Drawbridge Finance' didn't really reflect what we do and how we work,” he said.
“The name suggested we were exclusively about bridging. It pigeonholed us, whereas the services we offer extend way beyond that into buy-to-let loans, second charges and development.
"Having discussed it with the team at length, we thought it was better to act immediately and rebrand now, while we're still relatively young in the industry. The longer we waited, the more ingrained the Drawbridge brand would become and the harder it would be.
“Dragonfly is also about us spreading our wings and expanding our proposition into new areas.”
Dragonfly has retained all of the Drawbridge team, remains in the same office with the same contact numbers and is still backed by Octopus Investments.
