Peritus completes £3.7m development exit loan for Storey Homes

Peritus Corporate Finance has secured a £3.7m development exit product at 55% LTV with a 12-month term for Storey Homes.

The family-owned property developer approached Peritus to help refinance a completed development in Royston, Hertfordshire.

The scheme comprised 12 houses with two sales already completed, with a GDV of £6.2m.

Birch Meadows
Birch Meadows scheme in Royston, Hertfordshire

The loan was the first facility instigated and completed during the Covid-19 lockdown period for the lender, Pluto Finance.

Greg Dunne, lending director at Pluto Finance, said it was delighted to have completed the loan to Storey Homes during this difficult period, and had demonstrated its flexibility and ability to adapt to all market conditions. 

“We thank Peritus for introducing this new client, further growing our relationship with them, along with the start of a new relationship with Storey Homes.”

Katy Jordon, managing director at Storey Homes, added: "We have built an excellent working relationship with Peritus and, during this transaction, they went above and beyond the call of duty in challenging market conditions to secure a facility for our Birch Meadows scheme, which contains a mix of fantastic three- four- and five-bedroom detached properties."

Darren Baker, CEO at Peritus, commented: "With lenders and borrowers now meeting online, and with systems and processes complicated by working from home, we are delighted to have sourced and completed this new facility for Storey. 

“Peritus continues to be active in the market and our team of highly experienced property professionals are all working hard to ensure our clients receive a smooth and seamless transaction — no matter what the market conditions are."

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