Pluto Finance

Pluto lends £20m for Bracknell PD scheme

Pluto Finance has provided a £20m stretched senior debt facility for an office-to-residential scheme in Bracknell, Berkshire.

The development finance lender delivered the funding for the project in less than four weeks from initial introduction through to completion.

Mario Ioannides, lending director at Pluto Finance, said that it was pleased to provide the funding to enable the borrower to complete the site purchase.

“This was a challenging funding request on a permitted development scheme that had a number of complications, including some flats currently not having any windows until a new further planning permission is granted.

“Bracknell’s approach to permitted development rights schemes is particularly complex, with an Article 4 about to be enacted and the requirement for developers to provide off-site amenity land.

“We are delighted to have been able to take a highly pragmatic approach to these issues and provide a large, stretched loan in a very timely manner.”

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