The 12-month facility was secured against the affordable housing developer’s Harbard Close asset in Barking, which comprises 78 homes available exclusively to first-time buyers who either live or work in London and earn under the Mayor of London’s income threshold for affordable housing.
The apartments are available from £192,000, and purchasers own 100% of their property.
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Paul Rickard, chief financial officer at Pocket Living, said: “This new funding partnership with Pluto Finance will allow us to further accelerate the delivery of the homes we build specifically for first-time buyers in London, who otherwise might be priced out of their local market.
“This commitment is a sign of confidence in Pocket Living as we look to build our 1,000th home this year, and supports our ambitions for growth across London and beyond as part of our financial strategy.”
Greg Dunne, lending director at Pluto Finance, added: “We are very impressed with Pocket Living’s innovative model to deliver much needed affordable housing.
“With the Harbard Close development, Pocket Living has once again demonstrated that it is possible to create good value flats without compromising on design or quality.”