5 Jul 2017 15:07
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES OF AMERICA OR TO US PERSONS, OR TO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
For release on 5 July 2017
TOC Property Backed Lending Trust PLC
(the "Company" or "PBLT")
Portfolio Update - New Loan Advance
TOC Property Backed Lending Trust PLC, a recently listed investment company, announces today the signing of a new £2 million loan facility to part finance the purchase and development of land in Bedlington, North East England. The site has planning consent to build fourteen 2, 3 and 4 bedroom new homes.
Description of the loan facility:
Facility Term | 2 years |
Coupon | 10% pa (net to PBLT) |
Secured | First charge |
Security | Residential development site and work in progress |
Profit Share | 25.1% of the borrower, Gatsby Homes Limited, is owned by PBLT (acquired at nil cost) |
The drawdown of the loan will be funded from the Company's existing capital resources.
The gross exposure to the borrower is in accordance with the investment policy as to single borrower and asset types.
For further information regarding TOC Property Backed Lending Trust PLC (LEI: 213800EXPWANYN3NEV68) please call:
TOC Property Backed Lending Trust PLC Stephen Black
| +44 (0) 191 222 0099 |
Tier One Capital Ltd (Investment Adviser) Ian McElroy | +44 (0) 191 222 0099 |
Maitland Administration Services (Scotland) Ltd (Secretary) Martin Cassels
| +44 (0) 131 550 3760 |
finnCap Ltd (Sponsor, Broker and Financial Adviser) William Marle / Grant Bergman / Alex Price | +44 (0) 207 220 0500 |
TOC Property Backed Lending Trust PLC is a closed-end investment company. Its investment objective is to provide shareholders with a consistent and stable income and the potential for an attractive total return over the medium to long term while managing downside risk through: (i) a diversified portfolio of fixed rate loans predominantly secured over land and/or property in the UK; and (ii) in many cases, receiving the benefit of an associated profit share usually obtained by acquiring (at nil cost) a minority equity stake in the relevant borrower project development vehicle.
The Company's investment adviser is Tier One Capital Limited ("Tier One" or the "Investment Adviser"). Tier One was launched by former Barclays Wealth and Coutts & Co directors Stephen Black and Ian McElroy in early 2013. Both Stephen and Ian have extensive credit experience, much of which was gained in a difficult financial climate. Tier One has developed a direct lending offering that provides an opportunity which sits between conventional lending and the emerging peer-to-peer platform market. Tier One uses its direct lending and credit expertise to source funds for borrowers, broker facility agreements and then offer continued support and guidance to borrowers through the lifespan of their loan.