Money

Pluto Finance completes £97m of new loans in September and October



Pluto Finance has provided £97m worth of development and bridging loans across the UK during September and October.

The lender revealed that the figure was up on the same period last year, and it intends to close an additional £100m in finance deals by the end of the year.

“We are delighted to be continuing to support our borrowers during these difficult times,” said Justin Faiz, managing partner at Pluto Finance.

“We remain committed to providing flexible financing for development and bridging at a range of leverage points and across asset classes.”

Pluto has seen an increase in enquiries from developers looking at gearing up completed schemes through development exit bridging loans, to release equity to acquire new sites.

In one of its largest loans this year, Pluto completed a development loan of £35m to fund the acquisition and development of a residential-led, mixed-use development in Chiswick, west London. 

It also provided a £34m development loan to fund 700 PBSA units in Swansea, Wales, for an experienced student operator.  

In addition, the team completed bridging loans in Wembley and Essex totalling £13m. 

The former allowed the borrower to refinance their existing lender prior to practical completion, with an additional equity release once practical completion was obtained. 

The Essex loan provided the borrower with a development exit bridge and equity release. 

In Ashford, Kent, and Cockfosters, north London, Pluto provided two site acquisition bridging loans to a tune of £16m. 

The Ashford loan enabled the borrower to fund a deferred payment for site acquisition and provide additional funding for enabling works on the site. 

In Cockfosters, Pluto funded the borrower’s purchase of a semi-vacant office building, allowing time to obtain vacant possession and an enhanced planning consent before proceeding with development finance.  

“We have substantial capital to deploy over the remainder of the year and look forward to continuing lending at this pace,” added Justin.


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