ICG Longbow has declared a pretax profit of nearly £3.4m for its senior debt fund as loan-to-value ratios were reduced by 300bps to 57%.
The lender’s listed Senior Secured UK Property Debt Investments vehicle posted the profit based on income of £4.2m over the six months to the end of July 2015.
The profit has allowed the company to announce a dividend for the half year of 1.5p per share.
The fund has deployed all of its £104m of capital over 11 loans and currently has a net asset value of 100.12p, a discount to the share price as at 31 July of 103.75p.
