Paragon Bank has joined the Bridging and Development Lenders Association as an associate member.

The specialist bank will enter the bridging market next year and joins the BDLA ahead of the launch, with plans to move to full membership once its bridging business is operational.

Paragon currently offers savings and lending products for individuals and businesses.

The BDLA brings together lenders and associate firms from across the specialist property finance market and engages with regulators, policymakers and wider stakeholders on issues affecting the market.

BDLA chief executive Adam Tyler says: “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.”

Paragon Bank commercial director Sundeep Patel says: “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.

“Joining the BDLA before launch reflects our commitment to playing an active role in promoting professionalism and responsible lending across the sector.”