MSP Capital, the owner-managed dedicated property funder, which specialises in secured short-term bridging and development loans, is delighted to announce the completion of an increase in its senior debt facilities to £60m. Additional senior funding of £30m has also been earmarked for the launch of a new complementary product. This will enable the group to continue its strong growth in lending to UK property investors and developers.
The senior debt facilities are provided by Shawbrook Bank and funds managed by Insight Investment. The deal will form part of a diversified funding structure that also includes private loan note investors and a mezzanine debt facility.
MSP Capital’s loan book first exceeded £100m in March 2018, and the increased senior debt facilities provide significant headroom for further growth.
Martin Higgins, Managing Director of MSP Capital said:
We are delighted that our existing funders have increased their support for MSP Capital. This transaction is another key milestone in achieving our growth ambitions for the coming years, and builds on our successful 30-year track record of lending in the UK property sector.
Lucinda Yeo, Relationship Director, Shawbrook Bank commented:
At Shawbrook we’ve worked closely with the team at MSP Capital since 2016 and supported their significant growth. We believe the markets and clients they serve continue to demand the access to funding and high levels of service that MSP can offer, and we’re delighted to extend the level of funding we provide.
MSP Capital were advised by the Financial Services Corporate Finance team at EY.
9 April, 2018
As traditional high street providers of property finance continue to show a reticence to lend, it’s perhaps not surprising that bridging funders such as MSP Capital Ltd report continued growth.
The majority of members expect their business turnover to grow, with two thirds expecting the same of the bridging finance sector as a whole. In addition, they are very positive about the prospects of providing short term finance to SME housebuilders – 93% believe this is a growth area.
Underwriting and Credit Team Coordinator