Newcastle investment fund more than doubles profits to £606k

A North East investment fund has reported that it has seen “continued growth” in the first half of the year as its profits more than doubled.

TOC Property Backed Lending Trust PLC (PBLT), managed by wealth management and property lending specialist, Tier One Capital, has increased its profits before tax from £256k to £606k, representing growth of 136 per cent.

The company, headquartered in Newcastle, added that it has a current portfolio of £19.7m, funding 17 live construction projects.

John Newlands, chairman of PBLT, said: “While certain sectors continue to be impacted by the Covid-19 pandemic, the house building industry has remained resilient, which vindicates our strategy to increase PBLT’s focus on this market.

“The continued demand for new properties, aided by the stamp duty holiday scheme and underpinned by a fresh surge for home loans, has driven growth in the housing market and opportunities for house builders.

“Underlying demand is likely to remain as the economy unlocks, but we are mindful of the impact on material and labour shortages, which have the potential to slow progress.”

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