Pluto Finance lands £20m housing scheme completion

Pluto Finance lands £20m housing scheme completion



Pluto Finance has completed a £20.4 million facility for Galliard’s Riverside House scheme in Lewisham….


Pluto Finance has completed a £20.4 million facility for Galliard’s Riverside House scheme in Lewisham.

Residential development lender Pluto Finance has completed a £20.4 million facility to assist with the redevelopment of an existing office in block in Lewisham, London.


The development will provide 137 apartments and contribute to the regeneration of the area. The majority of the units have been sold off-plan to UK purchasers.

The loan, to a market-leading developer, is in the form of stretched senior residential development finance, combining senior and mezzanine debt.

It has been provided by Pluto Finance’s £360 million stretched senior loan business to provide much-needed finance for housing developments in London and the South of England.

Pluto Finance’s stretched senior debt platform is backed by Blackstone, Clearbell Capital and a number of well-known institutional investors.

The lender provides developers with a single loan of up to 90 per cent of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes.

The development in Lewisham has a gross development value of in excess of £35 million, and is located within one of London’s major regeneration zones. It will comprise 137 apartments providing a mixture of studio, one bed and two bed apartments.

Chris Philp, CEO of Pluto Finance, said: “Our stretched senior business continues to prove popular with residential developers who have lost trust in the traditional banking model. By providing high gearing, a quick turn around and a single point of contact we are able to assist with the development of residential schemes that may not have been viable without our facilities.

“For Lewisham, we were happy to complete the financing transaction quickly and smoothly to enable our client to acquire the site and then move into the development phase straightaway”.

 



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