North East England property investment fund provides £3.8m for Glasgow development

Property Backed Lending Trust PLC (PBLT) has completed a £3.8m, three-year debt facility for a development in Glasgow, Scotland.

The loan will be used to develop an environmentally-advanced crematorium complex.

The project will be managed by Newcastle upon Tyne-based wealth management and property lending specialist, Tier One Capital Ltd (Tier One), and will be delivered by Horizon Crematorium, the trading name of Horizon Ceremonies, as the third project in a series of developments.

Horizon Ceremonies is also backed by private equity fund manager Maven Capital Partners LLP (Maven), which has previously provided significant equity and working capital funding for the business.

Brendan O’Grady, PBLT fund manager, said: “This is another example of our successful strategy of targeting investment opportunities presented by strong, credible and experienced management teams. 

“The support of Maven has added further strength to this investment proposition, and we are pleased to be providing interesting, deliverable and robust opportunities for our shareholders.

“While it is clear that traditional lenders are withdrawing from certain parts of the market, we are very much open for business, and are pleased to be able to announce a fourth transaction in as many months.”

Jeremy Hamilton, founder and director at Horizon Ceremonies, commented: “We are absolutely delighted to have completed this transaction, especially given the current working restrictions we are all facing as a result of the pandemic. 

“We are equally pleased to be working alongside the team at Tier One, which has demonstrated a highly capable, flexible and pragmatic approach in delivering the funding for this development.”

Colin Grier, chairman at Horizon Ceremonies Group, added: “The Tier One team recognised very quickly that we are working to produce significantly better, essential, and modern crematorium facilities in areas of proven need.

“We are aligned with Tier One in the pursuit of the highest standards of construction, operations and project management, and we are looking forward to other future development opportunities where we can work together.”

Listed on the London Stock Exchange in early 2017, PBLT has a current loan book of over £27m across its portfolio of property projects, with a lending pipeline of £14m, which will go towards new investment opportunities, many of which are planned for the North East of England.

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