The residential development lender provided the finance for phase two of London Green and Packet Boat Lane’s Union Park project (pictured above) in West Drayton.
The £28m funding follows a £20m senior debt facility provided by Pluto earlier this year for phase one.
The total funding will assist with land and development costs at the canal-fronting scheme near Uxbridge, which comprises 238 private flats and 13 affordable units.
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The Union Park development
“We are very pleased to be continuing our relationship with Pluto Finance, which has – within less than eight months – increased [its] commitment from £20m to £48m to back our highly successful Union Park project,” said Joe Green, director at London Green and Packet Boat Lane.
Mario Ioannides, lending director at Pluto, said it was delighted to have worked with Nick Neophytou of Mantra Capital to assist London Green with the loan facility.
“We were able to structure a large development loan with no pre-sales milestones, giving the borrower confidence that the project is fully funded from the start.
“At 70% loan to cost, our senior debt was cheaper yet higher levered than the high street banks.”
Pluto is on track to lend £500m this year across its development finance and bridging loan products.