Richard Rowney, MSP Capital

MSP Capital welcomes new NED and launches premium product

Bridging lender MSP Capital has announced that Richard Rowney (pictured above) has joined its board as a non-executive director.

Richard has worked in the financial services sector for nearly 30 years — the first half of which was spent at Barclays Bank in several executive roles across retail and commercial banking.

In 2007, Richard joined the board of Liverpool Victoria (LV=) and, over the last 13 years with the Bournemouth-based insurer, he has been group COO, managing director of the life and pensions division and, for the last four years, as group CEO.

He currently undertakes numerous advisory and NED roles working with private equity-backed companies to help deliver value-creating strategies.

“I am enthused to be joining MSP Capital and to have the opportunity to assist in the continued growth of the business as they embark on exciting future initiatives,” said Richard.

Martin Higgings, managing director at MSP Capital, added: “With his outstanding knowledge of the finance sector, excellent experience of high-level governance, and strong leadership skills in driving performance, Richard will be an invaluable addition to our board.”

In addition, MSP Capital has launched a new ‘premium’ residential bridging product earlier this month for loans between £75,000 and £4m.

It covers loans on single of multiple residential property assets (non-regulated) and on vacant or tenanted ASTs, in areas south of Birmingham.

Other geographical areas are considered on a case-by-case basis.

The product includes a maximum LTV of 65% and interest rates of 5.99% per annum (serviced monthly or part rolled up).

It has zero exit fees, and terms can be arranged for six, nine and 12 months, with arrangement fees of 1.45%, 1.65% and 1.95% respectively. 

The premium offering has a built-in extension option with a 0.4% fee per each additional three months, to a maximum term of 36 months. 

MSP’s target turnaround from acceptance of terms to drawdown of funds is three weeks, and will provide a dedicated account manager on each case.

The lender has designated an initial tranche of £30m for the premium product and confirmed there has been a “fantastic response” so far with the first tranche nearing capacity, and therefore will be looking to release further tranches in the future. 

Over 40 years, MSP Capital has evolved into a relationship-led property finance specialist with a diverse range of bridging and development loans, backed by private equity.

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