Newcastle-owned London lending trust increases income by £290k

A Newcastle wealth management company has announced that its London business has increased its income by nearly £290k.

London-based TOC Property Backed Lending Trust PLC (PBLT), managed by Newcastle wealth management and property lending firm Tier One Capital, recorded six-month income of £1.290m, up from £1.001m in the same period last year.

The company said that it has continued to expand its portfolio of property backed loans supporting investment and development projects across the North East and Scotland.

During the period to 31 May, the company provided nearly £4.5m of new lending, with £2.2m being used to fund a new housing development in Scotland and £2.3m loaned to support residential house building in the North East.

John Newlands, chairman of PBLT, commented:“The company has come a long way since its formation more than three years ago.

“The portfolio has evolved and strengthened as early projects have been replaced with new opportunities.

“The board remains committed to a clear, robust and sustainable dividend policy, alongside the core objective to increase the net asset value of the company over the coming years.

“Over the nearer term, it remains prudent to adopt a cautious stance, as the tail end of the Covid-19 pandemic is played out.

“We need to maintain a strong base as these issues are worked through, and to manage our dividend distribution policy in a similar fashion to other listed companies, to ensure liquidity is available to protect the medium and longer term viability of the fund and its projects.

“At the same time, encouragement may be drawn from the positive signs being seen and from the number of investment opportunities being presented.”