Exclusive: Pluto lends £800k for Victorian conversion

Exclusive: Pluto lends £800k for Victorian conversion



Pluto Finance has completed an £800,000 mezzanine facility to assist with the conversion of a Victorian property in Bayswater….


Pluto Finance has completed an £800,000 mezzanine facility to assist with the conversion of a Victorian property in Bayswater.


The project was part refurbishment, part new build and will provide eight high end apartments in St Stephens Gardens close to Royal Oak underground station.

The loan came in the form of mezzanine development finance which is added on top of traditional senior debt.

Justin Faiz, Partner at Pluto Finance, said: “We are delighted to have closed this mezzanine development facility which is Pluto’s first loan for this established developer.

“We continue to have a significant amount of capital available to deploy for well-located schemes throughout the UK.”  

Pluto Finance funded projects with a total GDV of over £450m in 2014 and can provide developers with a single loan of up to 90 per cent of the cost of the development.

 



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