MSP Capital has appointed Adam Tovey as its commercial director.
It is Tovey’s second internal promotion in just two years.
He joined the fixed rate lender in 2010, working his way up to valuation director before most recently becoming director of risk and underwriting.
In these roles, he has led both the valuation and underwriting teams, having had accountability for all valuations and credit risk.
At the same time, he has continued to manage numerous long-standing client portfolios and pursue new business development.
Tovey has been in the property and financial services sectors for nearly 20 years.
Mind over mortgages: why we need to look after intermediaries’ mental health
Sponsored by Halifax Intermediaries
Before joining MSP Capital, his background as a chartered surveyor had helped him with secured lending valuations for major UK banks.
Rate reduction decision
This year, he was a key influence on MSP Capital’s decision to reduce rates on its development exit bridging loan ahead of the cuts in interest rates by the Bank of England.
The firm’s move in June 2024 enabled customers to access development exit bridging from just 0.8% per month, its lowest rate since 2022, under a ring-fenced £50m funding allocation.
Paul Miracca, director of MSP Capital, said: “Adam’s appointment is the latest core change we have implemented in the past 18 months to further strengthen our position in the market.
“With future plans to increase the number of homes we are able to fund in England, there will be further exciting announcements at the beginning of 2025 as we look to launch additional lending solutions, ramp up our presence in the industry and further increase our flexibility of funding.
“Adam’s deep industry knowledge and innovative thinking have already contributed greatly to MSP Capital’s success, and we are confident that his leadership will continue to propel our business forward in this exciting new chapter.”
MSP Capital suggested that Tovey’s understanding of the development cycle, and his desire to put the customer first, is a driving force in its strategy to offer “an experience beyond finance”.
It added that Tovey has demonstrated an ability to identify opportunities for innovation and has successfully developed new products and growth strategies.
Tovey (pictured) said: “Over the years with MSP, I’ve had the opportunity to work closely with a talented team and contribute to our growth.
“This experience has deepened my understanding of the unique needs of our clients and the evolving landscape of property finance.
“I now have the opportunity to further leverage these insights as we continue to expand our offerings and deliver exceptional solutions to our clients across the UK.”
