The lender is working with the pension scheme of a large Welsh employer to provide capital that is ringfenced for deployment in the region, with a focus on funding housebuilders and developers to deliver local housing.

The region will be initially covered by lending directors Jonathan Scott and Evan Griffin, with the intention to hire a dedicated Welsh lending director early in 2025.

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Commenting on the expansion Jonathan Scott (pictured above), said: “We are delighted to expand our development lending programme to Wales.

“In England, 65% of Pluto’s lending is to repeat borrowers and over time we would expect that to be repeated in Wales.”

Evan Griffin added that the firm will be providing finance at up to 70% LTV.

He continued: “With loan sizes ranging from £1m to £50m (and development finance starting at £3m upwards), we will be targeting in particular housebuilders that have outgrown their current lender.”