TOC Property Backed Lending Trust PLC (PBLT) has appointed leading northern law firm, Ward Hadaway to advise on its recent funding arrangements with Shawbrook Bank and increased lending activities in the property development sector.
PBLT, which is managed by Newcastle-upon-Tyne based wealth management and property lending specialists, Tier One Capital Ltd (Tier One) and is listed on the main market of the London Stock Exchange, has appointed the Top 100 UK law firm for its high-level experience, legal expertise and reputation in the Built Environment sector.
Ward Hadaway’s Built Environment team is one of the largest, most-established teams working in the property sector in the North of England, and the firm’s real estate finance and banking lawyers provide PBLT with the desired expert advice on lending transactions and help to support and accelerate their growth plans capacity.
PBLT is strongly positioned to help stimulate the region’s commercial and residential property markets and has a current loan book of c.£25m across its portfolio and is looking to accelerate its growth plans across the North East of England and Scotland.
PBLT has recently concluded a number of high-profile deals in the residential and commercial markets and is currently looking for potential borrowers while also offering longer term positive returns for investors.
Ian McElroy, Chief Executive, Tier One Capital, said, “We are delighted that PBLT will be working with Ward Hadaway and for the fund to join forces with its team of specialists in the residential and commercial property sector.
“Its team has a fantastic reputation across the UK, and PBLT is in a very strong position to help stimulate the region’s commercial and residential property markets, with the right partners and expert legal teams on board.
“We are currently looking to grow PBLT’s portfolio of borrowers offering positive returns for investors and providing the required finance in the property development and construction sectors.”
Simon Errington, a partner in the Built Environment team at Ward Hadaway, said: “This is fantastic news for the North East commercial and residential property markets and will provide a much-needed boost to stimulate the economy, especially coming out of the pandemic."
Imogen Holland, a partner in the Ward Hadaway corporate team, added: “We have a strong reputation within the sector, and we are delighted to work with the team at Tier One and act on behalf of PBLT to provide expert advice on the legal documentation for lending transactions.”