Newcastle wealth manager secures £6.5m to fund lending trust

A North East wealth management company has announced that it has secured £6.5m for its lending trust.

Tier One Capital, based in Newcastle, has secured the £6.5m revolving credit facility from Shawbrook Bank for the TOC Property Backed Lending Trust PLC (PBLT).

The credit facility will help ensure that the fund has the resources it needs to continue supporting residential and commercial property developers in the North and Scotland.

Ian McElroy, CEO of Tier One Capital, commented: “Shawbrook’s substantial experience in the property development sector makes them the perfect partner as we respond to a significant uplift in the sector.

“There is also an appetite from investors, who have accumulated significant financial resources during the economic pause caused by the Covid pandemic, to support property developments, especially in the residential sector in the current climate.

“Thanks to our collaboration with such a high calibre financial institution, as Shawbrook Bank, we are able to provide a financial structure that meets the objectives of PBLT’s shareholders.”