Tier One Capital

Tier One Capital secures £6.5m for investment fund

North East-based wealth management and property lending specialist Tier One Capital has secured a £6.5m revolving credit facility from Shawbrook Bank for the company’s Property Backed Lending Trust PLC (PBLT).


The money will help ensure that the fund — which is listed on the London Stock Exchange main market — has the capital resources required to continue supporting residential and commercial property developers in the North and Scotland.

The deal reinforces the continuing relationship between Shawbrook and PBLT.

PBLT shareholders recently voted overwhelmingly to provide the fund with greater flexibility to support property developers, especially in the North East and Scotland.

Its key priority is to help housebuilders in these areas to meet the government’s target of building 300,000 new homes each year.

Ian McElroy, CEO at Tier One Capital (pictured above), said: “Shawbrook’s substantial experience in the property development sector makes it 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.”

PBLT has also set out a new sustainable dividend policy, which aims to provide 4p per share per year for shareholders (a current yield of over 4.5% per annum) with the potential for an additional year-end special dividend, depending on financial performance during the period. 

This will be a 33% increase on the 3p per share returned during the financial year ending 30th November 2020.

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