Open for investment

Raised £1,340,713

Pulford Trading Regular Access Bond

4.00% p.a.

Standard Rate

IFISA

Eligible

Regular access*

Bond closing date (or earlier).

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Type Leisure

Asset Backed No

StatusOperational

Estimated loan to value 9%

Capital is at risk and returns are not guaranteed. This is a 115 month Bond and is not readily realisable.

Project

The Pulford Trading Regular Access Bond is an opportunity to lend directly to Pulford Trading Limited (‘Pulford Trading’), a company that has interests in a diverse range of asset-backed sectors including but not limited to hotels, pubs, data centres and care homes. It intends to continue diversifying its portfolio into other asset-backed projects in the same sectors.

As at 30 September 2016, Pulford Trading’s audited net asset value was £118.1 million giving the Bond a LTV of approximately 8.5%, based on net assets at that time.

The Bond will offer investors a chance to earn a fixed annual interest rate over a minimum term of two months and up to a maximum of ten years.

Unlike other Downing Crowd Bonds, the Pulford Trading Regular Access Bond is not secured.

This means that in the event of a default on the Bond, the Bondholders would not be able to take control of the assets of the company to recover their funds.

To protect Bondholders’ position, Pulford Trading is restricted as to how much it can borrow under a gearing covenant. Full details of this are set out in the Offer Document.

A further difference is that the term is flexible, with investor redemptions possible each month (subject to liquidity and sufficient notice).

Past performance is not an indication of future performance. Capital is at risk and returns are not guaranteed.

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About

Established in 2013, Pulford Trading has been supporting the asset-backed sector for over four years. The company has built up a diverse portfolio of over 50 different holdings in asset-backed projects. In the 12 months to 30 September 2016, Pulford Trading generated operating profits of £1.5 million.1

Pulford Trading is managed by Downing LLP, an investment manager with over £875 million in funds under management.2 Asset-backed investments have been at the core of Downing’s business model for over 15 years with over £225 million of Downing managed funds being currently invested in asset-backed projects.2

Past performance is not an indication of future performance. Capital is at risk and returns are not guaranteed.

1Source: Pulford Trading Limited financial statements.

2Source: Downing LLP (as at 31 March 2017)