Tier One Capital secures £8.5m additional funding for North East investment fund
The TOC Property Backed Lending Trust PLC (PBLT), which has a primary listing and is quoted on the main market of the London Stock Exchange, has secured the additional funding to fulfil demand from projects predominately in the North East.
The fund was launched at the beginning of 2017 by North East’s wealth management company, Tier One Capital. As the appointed investment advisor to PBLT, Tier One Capital has already identified a pipeline of potential loans through its presence and network in the region.
Ian McElroy, CEO of Tier One Capital, said: “The ongoing success of TOC Property Backed Lending Trust PLC reflects a growing confidence in this region and a real willingness to invest in its future. Over £50m has been raised and deployed over the last two years through our direct lending proposition, with borrowing teams benefiting from a common sense credit approach, and investors achieving attractive annual returns on their capital.
“Those people and businesses who are dedicated to developing property in the North East have access to this considerable and growing fund, which is specifically designed to encourage further regional prosperity.
Fund manager, Brendan O’Grady, added: “The North East is seen as a real area of growth by investors from around the UK. This is reflected by significant additional funds now available to PBLT and is quite a turn-around from the bleak economic situation a decade or so ago.
“There is an appetite for an alternative form of investment and the TOC Property Backed Lending Trust PLC enables both institutional and regional investors to invest in a way that delivers a strong return while making a positive difference to the future of the North East.
We feel that PBLT is a unique offering for both borrowers and investors. The fund is open for business, offering property developers access to capital in a very flexible, personal and tailored manner."
Published: 07 November 2018