This finance has been made available to Backhouse Housing to continue developing the site at Highworth.
The second phase will deliver 40 open market houses and 13 affordable homes.
When arranging this loan, Pluto included a peak debt facility of £8.4m to enable Backhouse to maximise leverage while meeting the project’s specific needs.
Legal support was provided by law firm Brecher.
“By providing flexible financing, we’re enabling the development of both open market and affordable homes, ensuring the local community benefits from sustainable growth and improved housing options,” said Jonathan Scott, lending Director for the South West and Wales at Pluto Finance.
“Partnering with developers like Backhouse Housing, who are dedicated to providing affordable housing alongside high-quality design, aligns perfectly with our values as a lender and our mission to address housing challenges across the UK.”
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