Two North East property companies have sealed finance deals worth a combined £24.5m from finance group Shawbrook.
Newcastle investment fund Develop North PLC, which provides 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. The fund, which is managed by wealth managers Tier One Capital Ltd, will use the facility to continue its support for residential and commercial property developments.
It said the funding represents Shawbrook’s ongoing backing for its strategy to support the levelling up of the North through alternative lending to deliver high quality property schemes. Since its launch in 2017, the London Stock Exchange-listed Develop North fund has supported the development of 33 residential and commercial projects, with a combined value of £70.3m and an estimated £184m Gross Development Value (GDV).
