More than ever, strong partnerships are essential to the success of new construction and development projects. As fluctuating pricing and other uncertainties around materials and labour continue to affect the industry, you need to be confident that your financing partner has the knowledge, experience and commitment to support you from start to finish.
As part of our Meet the Team series, MCAP is introducing key members of our Development Finance Group to new, existing, and prospective clients, so you can understand how the team works and learn more about who has your back as you do business.
Bruno Iacovetta is the team leader in our Toronto office. In a recent conversation, we had the opportunity to ask him about his background in the industry, his experience at MCAP, and what sets his team apart in development finance.
Introducing Bruno Iacovetta: Managing Director, Toronto Branch
Bruno, tell us about your experience in the industry
I began my career in the finance industry in 1982, starting out in the branch administration side of the business and then moving on to become a Commercial Account Manager a couple of years later. I joined MCAP’s predecessor company, Mutual Trust, in 1988 and have been with the company for the past 34 years. The vast majority of my experience with MCAP has been working in the construction line of business, taking on roles in underwriting, origination and credit adjudication – I have underwritten and structured both conventional and mezzanine loans for all residential product types. For the past 16 years, I have been the Managing Director of the Toronto branch.
Given how long I have been in the industry, I have experienced both up and down housing market cycles. As we are currently in a down cycle, I can say I’ve seen this before, and I know what needs to be done to mitigate the increased risk that exists in the market today.
Why should a client choose MCAP for their construction financing needs?
Our team is primarily focused on residential construction financing and therefore fully understands all aspects of the business. Collectively, my team and I have over 100 years of residential construction financing experience, with expertise in structuring all product types. Our exceptional market knowledge and skillset means we can provide high quality customer service for our clients and has led to our well-established reputation in the market for delivering on borrower expectations. We are flexible, creative, and innovative, enabling us to structure deals that meet the specific needs of our Borrowers and diverse investor base.
What makes MCAP’s Development Finance Group unique?
While our market knowledge, experience and creativity set us apart, what truly makes us unique is our very strong passion for what we do. We want to be the best at what we do for our borrowers and investors and are very proud of being considered elite in the industry. We are committed to maintaining that reputation.
How do you tackle difficult or complicated deals?
We draw on the high level of experience and exceptional analytical skills of our team then work collectively to find a structure that meets the needs of both the borrower and the investor. We are not intimated by difficult or complicated deals because we have the skillset to identify the risks and structure a deal that sufficiently mitigates them.
How do you and your team stay motivated throughout a deal?
We take tremendous pride in performing and delivering for both our borrowers and investors, and our commitment to maintaining those relationships is paramount. We also recognize the important role we play in helping to deliver new homes to the market, which gives people the opportunity for homeownership. This is particularly true in the Greater Toronto market where there is an undersupply of housing.
What are some of the secrets to your success?
We have established an environment that is based on trust, honesty, respect and empathy and we celebrate successes as a team. Employees feel good about being part of the team and are fully engaged and committed to being successful.
We also take steps to ensure everyone is on the same page, identifying and setting goals that will lead to success and continually prioritizing actions that will help achieve those goals. We actively accept change and pivot when necessary – such as when investors no longer have capital to deploy, or housing market conditions deteriorate – and don’t get frustrated when things change. Rather, we simply find other ways of doing deals for our borrowers and investors.
What is the best way for new clients to contact you?
I can be reached by phone at (416) 368-8890 or by email at bruno.Iacovetta@mcap.com. We are always willing to discuss MCAP’s value proposition to prospective new clients.
