Tier One Capital
Develop North PLC secures £6.5m debt facility for investment into North East England and Scotland
Develop North PLC, a North East based investment fund providing loans to property developers in the North of England and Scotland, has renewed a £6.5m debt facility from Shawbrook for a further two years.
Managed by Newcastle upon Tyne-based wealth management and fund management specialists Tier One Capital Ltd (Tier One), the investment fund will utilise the facility to continue its support for residential and commercial property developments in the region and North of the border.
The Speciality Finance team at Shawbrook has an established track record in providing funding lines to non-bank specialist lenders across multiple sectors, including property, SME and consumer finance.
Since its launch in 2017, the London Stock Exchange-listed Develop North fund has supported the development of 33 residential and commercial projects, across the North East of England and Scotland with a combined value of £70.3m and an estimated £184m Gross Development Value (GDV).
Brendan O’Grady, Fund Manager at Tier One, said: “We are proud to continue the ongoing positive relationship with Shawbrook’s Speciality Finance team. The renewal of the revolving credit facility for the sixth year recognises the continued support the fund has from its lender as a credible and growing alternative lending source for property schemes in North East England and Scotland.
“Alongside our existing portfolio of loan facilities across 17 projects, we have a strong pipeline of future investment opportunities that will contribute to the development of new homes and commercial premises. With the assistance of Shawbrook we will continue to offer a bespoke finance provision to developers that meets the investment objectives of our shareholders.”
Phil Risby, Director, Speciality Finance at Shawbrook Bank, said: “Develop North has a strong management team and a great business strategy. Having worked with them for a number of years now and built up a good relationship, the renewal of the facility for an extended term was a natural transaction.
“We look forward to seeing the upcoming projects that Brendan and his team support, come to life as well as assisting with future opportunities for developers.”
ENDS
NEWS RELEASE: ISSUED ON BEHALF OF TIER ONE CAPITAL
For further information contact Jamie Collis 01325 363436
Photo caption: Brendan O’Grady, Fund Manager at Tier One Capital
Editors’ Notes:
Develop North PLC is an investment trust listed on the main market of the London Stock Exchange and specialises in providing finance to the residential and commercial property sector.
Tier One Capital Ltd is the investment adviser and fund manager for the London Stock Exchange main market listed Develop North PLC.
Tier One Capital Ltd is a North East based wealth management and fund management
firm providing independent financial planning and fund management services.
Tier One Capital Ltd specialises in financial planning and savings advice and investment management and fund management services to senior executives, investors, entrepreneurs, business owners, professional partners and high net-worth individuals. About Shawbrook
Shawbrook is a new type of specialist financial services company, combining the relentless focus on customer service and innovation you would expect from a fintech with the expertise and certainty of a bank. Shawbrook is driven by a purpose to solve complex problems that unlock opportunity for its rapidly growing customer base of over 450,000 UK consumers and businesses.
Shawbrook is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Find out more at www.fca.org.uk or www.bankofengland.co.uk/pra
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