Pluto Finance

Pluto Finance closes £67m of loans in five days



Pluto Finance has announced that it recently closed £67m of development and bridging loans in just five days.

On the Monday, the specialist lender closed a £10.6m senior development facility for 106 flats in Basildon, Essex, to a repeat Pluto borrower.

The scheme will deliver micro-units which the borrower intends to hold for rental.

The following day, Pluto provided a stretched senior loan for £19.6m to fund the acquisition and development of an office-to-residential scheme in Milton Keynes.

The development – which has a tenant in place for six months – was supported by a loan from Pluto from day one, avoiding the need for a bridge facility.

Pluto Finance closed two deals on the Wednesday by providing a stretched senior loan of £10.8m at 90% LTC for 30 houses near Brentwood, Essex, as well as a £7.2m development exit bridge in Southend.

On the Thursday, Pluto closed a £3.7m bridging loan to fund an office acquisition in Staines with a short lease in place.

The borrower intends to take Pluto’s development finance for a PD scheme once they have negotiated VP.

The lender said that in these cases, it offers a reduced arrangement fee on the development finance.

Pluto ended the week with a £16.1m senior development loan for 92 flats in Harrow.

The loan was provided at an interest rate of 4% over Libor for up to 60% LTV.

Justin Faiz, partner at Pluto Finance (pictured above), said: “With over 80% of our lending in the last month to repeat Pluto borrowers, clients are clearly recognising not only our excellent pricing, but also our commitment to customer service.”

Pluto Finance is on track to lend £500m this year.

 


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