Spring Finance chief executive Gavin Diamond will leave at the end of the week after 10 months at the specialist lender. 

The firm says owner and executive chairman Andrew Bloom will lead the business.  

Diamond joined the company last July from United Trust Bank, where he worked for almost nine years, leaving as director of bridging finance. 

Bloom founded Masthaven Bank in 2015, where he was chief executive and remains a non-executive director, before coming to Spring Finance. 

Spring Finance was established in 2011 as a second charge mortgage lender, which lends to customers who “do not meet the normal criteria of high street banks and building societies”. 

Diamond says: “The past 10 months have been both challenging and rewarding on many levels in what has been a difficult economic environment.  

“I’m proud of the significant progress that has been made in building a strong team and taking the business forward.  

“Despite this, for various reasons, I have decided that my long-term future lies elsewhere and on that basis feel the time is right for me to depart Spring.” 

Bloom commented: “I would like to take this opportunity to thank Gavin for his efforts and wish him the best of luck in the future. I’m looking forward to taking over the leadership of the company.”