Paragon Bank has joined the Bridging & Development Lenders Association (BDLA) as an associate member.

The FTSE 250 specialist bank provides savings and lending products for individuals and businesses and is preparing to enter the bridging market next year with an experienced management team.

Paragon has joined as an associate member ahead of the launch, with plans to move to full membership once its bridging business is operational.

The BDLA represents the interests of bridging and development lenders and their customers.

Its membership brings together lenders and associate firms from across the specialist property finance market, providing a collective voice for the sector and promoting high standards, responsible lending and best practice.

CEO at the BDLA, Adam Tyler, said: “We welcome Paragon Bank as an Associate Member. Paragon is an established and respected lender, and its decision to engage with the Association before entering the bridging market demonstrates the importance it places on being part of the sector’s collective voice.

“Confidence in our market depends on how lenders conduct their business and respond to challenges. Bringing experienced lenders into those discussions helps us represent the sector and promote responsible lending.”

Commercial director – bridging at Paragon Bank, Sundeep Patel, added: “Paragon is entering the bridging market with a clear ambition and a long-term commitment. Our new division will be backed by the financial strength, governance and heritage of the wider FTSE 250 banking group, aiming to give brokers and customers confidence that we have the foundations to support them over the long term.

“We want to set the industry standard for customer experience. Joining the BDLA before launch reflects our commitment to playing an active role in promoting professionalism and responsible lending across the sector.”

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