No one could have predicted how 2020 would have changed us and every business we work alongside in 2020. The ramifications of Covid-19 have been felt globally, and although they’ve presented challenge after challenge for MSP internally and with our clients, what has emerged is a stronger business offering than before. We’d like to share these aspects with you …
New Premium Product Launch
Our new Premium product has been extremely well received by brokers and customers alike.
Take-up of the first tranche of £30m in August was so quick that we were able to offer a further tranche of £50m in October. Despite what’s been happening with Covid we find it inspirational to see how our customers are adapting and managing to create opportunities amidst a turbulent year. A third tranche is currently on offer, and we have plans for a fourth allocation in the New Year.
Record Level of Business
It’s been a challenging year for every business but the property market has shown itself to be tremendously resilient in 2020 with activity levels and values surprising many post the initial lockdown. This is purely down to the entrepreneurial spirit of both our clients and our MSP team to find new ways to adapt and conquer amidst the constant uncertainty and changing landscapes.
As a result, we’ve seen record activity levels since July which has seen our Loan book continue to grow. Since the first lockdown ended we have had 125 offers of finance accepted in 4 months, leading to 75 new loans drawn down so far totalling over £50m and our Loan Book has grown by 10%.
In a year where the world has been beset with challenges MSP is continuing to look to the future with a positive recruitment policy that will enable the company to meet its aspirations of becoming the lender of choice for property finance solutions. We know that our clients enjoy the personal service that we offer at all times during a project and whilst we want to grow, we want to protect the MSP experience and be well resourced to meet the continuing demand of both existing and new clients.
In addition to Richard Rowney’s appointment as Non-Executive Director we have had four new joiners in the past year that have strengthened all departments within the company. Each bring skills and qualities that are at the core of the MSP ethos of providing a high quality, fast and flexible service to our clients.
Ellie Fitzpatrick is a qualified AAT accountant and ACCA affiliated. Previously with a top 10 accountancy firm, Ellie now supplements the well established but growing finance team and in addition to specific project work is responsible for preparing the monthly management accounts.
Lucy Mines joins MSP as our Sales Relationship Manager. Having worked at management level of both local and national size firms in the South West, she brings over 20 years previous experience and knowledge in negotiating sales, compiling market appraisals and marketing strategies, creating marketing brochures and has good knowledge of the conveyancing process, in order to help bring sales to completion.
Lucy Green joined MSP Capital in November 2020 after graduating from Oxford Brookes University with a First-class Economics Degree. She assists the compliance team in conducting KYC procedures as well as undertaking projects aiding process improvements in order to support MSP’s continued growth.
Louise Thomas has over 30 years’ experience in assisting with the administration of commercial and residential property matters. She will assist our Valuation Team with confirming valuation instructions, preparing reports, as well as assisting the Valuation Surveyors with essential day-to-day matters.
Security with ease and speed
Working virtually during lockdown was the perfect time to update our customer onboarding processes. We’ve successfully embedded DocuSign, which enables customers to sign an Offer of Finance electronically from any device and HooYu, MSP’s online electronic verification partner which enables our borrowers to provide proof of ID and address from a computer or phone. As we prioritise speed and ease for our clients, both of these updates have been well received.
AFC Bournemouth ‘Striving to Make Anything Possible’ Sponsorship
We were thrilled in September to become principal partner and see our company ethos emblazoned on the team’s shirts of AFC Bournemouth for the current season. Getting involved with our local community is important to us and this synergy represents a strengthening of our long standing relationship with the club and is especially exciting for a number of lifelong Cherries fans in the MSP Capital team.
This partnership is the perfect opportunity to extend our reach and the MSP experience to a wider audience.