Based in Liverpool city region, specialist finance provider Tower Grange Finance is to raise an extra £20m to support property schemes across the North West. Tony McDonough reports
Merseyside specialist property lender Tower Grange Finance is raising an extra £20m to support projects and firms across the North West.
Tower Grange, based in Formby, will issue £5m of loan notes to new and existing investors in the first phase of the fund. This will offer an 8% annual return repayable in 2025. Cash raised will be used to support its portfolio of developers and housebuilders.
The company, which specialises in providing development finance and secured loans, has supported the growth of a number of regional businesses, including Liverpool house-builder Hassett Homes, in which it has a significant shareholding.
“Our investors have backed a number of high growth businesses in the last four years and their appetite for further opportunities and client companies’ expansion ambitions has prompted this latest issue,” said TGF joint chief executive Stephen Sullivan.
“A number of new investment opportunities have been brought to us by our network of introducers and, having passed our stringent due diligence process, are now investment-ready.
“While many of our investors are high net worth individuals, our loan notes and other products are increasingly popular with retail investors, either directly or via their IFAs. The North West economy is diverse and robust and has ridden out the challenges of the last two years in remarkable shape.
“Our clients are gearing up to meet the new opportunities ahead and we aim to be their first source of working capital and development finance.”