TOC Property Backed Lending Trust reveals £5.6 million deals

October 27, 2020 @ 8:15 by Steven Hugill

An investment venture overseen by a North East wealth management firm has revealed fresh deals worth £5.6 million.

TOC Property Backed Lending Trust PLC (PBLT) has successfully concluded a £4.5 million, four-year lending facility for a London-based wedding venue operator.

The London-listed investment company – managed by Newcastle-based wealth management and property lending firm Tier One Capital – has also confirmed two further transactions worth £1.1 million in Glasgow.

Those projects cover a hotel and office development and a retail property project.

PBLT’s London wedding venue support helped develop an award-winning 1000-capacity events space, with officials revealing it received a return of 7.43 per cent per annum – equating to a return in excess of £1 million – over the term of this investment.

Listed on the London Stock Exchange in early 2017, PBLT’s current loan book stands at more than £27 million across its portfolio of property projects. 

Its lending pipeline also stands at £14 million, which bosses say will go towards new investment opportunities, many of which are planned for the North East.

Brendan O’Grady, PBLT fund manager [pictured], said: “The completion and repayment of the £4.5 million lending facility is particularly pleasing as it was the largest loan in our portfolio and has been an excellent investment project.

“Given the ongoing pressures to the hospitality sector, we are pleased to have received all the interest and a full repayment of capital.

“This also highlights the robust approach taken in our due diligence processes and is a testament to our commitment to provide funding for those projects with strong, credible and experienced management teams. 

“We also look forward to redeploying these funds in the near future and continue to build on the recent successes we are seeing in the alternative finance sector.”

Ian McElroy, chief executive at Tier One Capital, added: “It is very pleasing to see activity in the property market in the current climate, and our direct lending pipeline continues to grow as we see more developers requiring funding turn to the alternative finance space.”

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