Pluto Finance - Funding Property Development
Southall Aerial CGI

Pluto Finance lends £26m for a new residential development in Southall

November 2017

Pluto Finance has completed a £26m senior facility to assist with the acquisition and redevelopment of the former Honda car dealership in Southall. The new build development will provide 118 private apartments and 52 affordable units.

Lending Director, Mario Ioannides, said “We were delighted to provide another development loan for Galliard Homes and also to be part of the exciting Southall regeneration project. At 65% loan to cost, our senior debt was priced competitively with the high street banks and arranged promptly to enable Galliard to meet their completion deadline.”

Jonathan Morgan, Director of Investments and Developments at Galliard said “We are very pleased to once again work with Pluto Finance on this important scheme for Galliard Homes and we look forward to carrying out more successful transactions with them in the future.”

Providing stretched senior and senior development finance as well as bridging finance under one roof, Pluto Finance has become a real one-stop-shop for all residential development finance needs. The business is on track to lend £500m this year across the three products.

Ilford CGI

Pluto Finance lends £24m for office to residential conversion in Ilford

September 2017

Pluto Finance has completed a £24m stretched senior loan to fund the acquisition of an office building in Ilford and the subsequent conversion to residential. When completed the building will provide around 100 flats as well as office and retail space.

Partner Justin Faiz said “At circa 90% loan to cost, we are delighted to make another stretched senior loan in East London and to be part of the Ilford regeneration story. With affordable prices and already great commute times, this is an area that is set to thrive as CrossRail comes online.”

Pluto Finance has been lending since 2011 and is one of the leading alternative lenders for residential development. As well as providing stretched senior finance, Pluto also provides senior loans, with interest rates from 4% for up to 70% loan to cost, and bridging finance.

Southall CGI

Pluto Finance completes £500m institutional fundraise for residential development lending

May 2017

Pluto Finance has recently raised over £500m of institutional capital to be deployed across new senior debt and bridging lending strategies as well as to relaunch Pluto’s stretch senior lending at significantly lower interest rates.

Pluto Finance aims to lend £500m across these three loan types in the next year. The team have hit the ground running with over £95m of loan already credit approved since the capital raise. To support its growth plans, Pluto has recently hired four new staff into its lending team.

Partner Justin Faiz said “This significant capital raise provides Pluto with the firepower to continue providing market leading loans. We are now able to provide lower leverage senior debt with interest rates from 3.95% – cheaper than the challenger banks, and competitive with the clearing banks but with a much faster turnaround time.”

Pluto Finance has been lending since 2011 and is one of the leading alternative lenders for residential development, particularly for stretch senior finance. Pluto’s relaunched stretch senior loans will continue to fund up to 90% of costs, but at materially lower interest rates than previously.

Alternative lenders have taken market share from the banks over recent years offering higher leverage finance and much better customer service. Over half of Pluto’s loans are now to repeat borrowers, a proportion the team expect to grow over time with the addition of new lending products.

Justin Faiz continues “We are the only lender to offer stretch, senior and bridging finance under one roof – turning Pluto into a real one-stop-shop for all residential development finance needs. We are grateful to our new and existing institutional investors for the support they are continuing to provide to our business through this important capital raise.”

In explaining the move into bridge lending, Partner Andrew Blenkinsop adds “We are delighted to be able to support our clients throughout the entire project lifecycle by providing short term loans to assist with site acquisition pre-planning and also to refinance completed units.”

Jonathan Morgan, Director of Investment & Developments of Galliard Homes, said “We are delighted to continue our relationship with Pluto Finance and we are already in advanced discussions to take Pluto’s new senior loan facility on a number of projects.”

External 2

Pluto Finance Backs Home Counties Focused Developer in Hook

November 2016

Pluto Finance has completed a stretched senior development loan of £15m for an office to residential project in Hook, Hampshire. The Pluto development loan will enable a Home Counties focused developer to convert the building into 107 private apartments with an anticipated GDV of £22m.
With one bedroom apartments priced from £175,000 the development qualifies for the Government’s Help to Buy Scheme. To date there has been strong demand from both local owner occupiers and investors. Mario Ioannides, Lending Manager at Pluto Finance, said: “We are delighted to have supported this project when at the time other lenders had withdrawn from the office to residential sector”.
This is the second significant development loan which Pluto has completed in March and follows the funding of 227 apartments in Southend. Pluto is currently funding the development of over 2,000 homes across London and the South East.
Pluto Finance, the leading residential development lender, has been providing loans to the UK residential development sector since the credit crunch in the form of mezzanine and stretched senior funding. Over that time, the business has established a proven track record and has now completed transactions with a combined GDV of over £1bn.
Having been shortlisted as “Residential Financier of the Year 2016″ by Property Week for the third year running, Pluto Finance goes from strength to strength. It provides developers with a single loan of up to 90% of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes.

Ext1

Pluto Finance backs leading regional developer with stretched senior loan in Southend

September 2016

Pluto Finance has completed a stretched senior development loan for a £50m landmark residential project in Southend. The Pluto development loan will enable experienced regional developer, Randall Watts, to convert the building into 227 private and 52 shared ownership apartments. Beaumont Court and Richmond House are located at the heart of the wider Southend regeneration project which will include new retail and leisure space as well as a refurbished train station.

With one bedroom apartments starting from as little as £130,000 and just under a 1 hour commute to London, there has already been strong demand from local owner occupiers and investors alike. Justin Faiz, Partner of Pluto Finance, said: “We are delighted to have supported this landmark scheme which will deliver much needed residential accommodation in Southend and contribute towards the regeneration of the town centre.”

Mark Watts, Chief Executive of Randall Watts who are building the homes says, “We are proud to continue our role in providing much-needed housing in Southend”.

Pluto Finance, the leading residential development lender, has been providing loans to the UK residential development sector since the credit crunch in the form of mezzanine and stretched senior funding. Over that time, the business has established a proven track record and has now completed transactions with a combined GDV of over £1bn.

Having been shortlisted as “Residential Financier of the Year 2016″ by Property Week for the third year running, Pluto Finance goes from strength to strength. It provides developers with a single loan of up to 90% of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes

Hodson Photo

Pluto Finance provides £22m of development finance to leading Housebuilder

April 2016

Pluto Finance has recently completed its third loan to a leading South East developer to fund three new build projects. This latest facility is a £22 million stretched senior loan and will finance the development of a 65 unit apartment scheme in Bracknell and the final phase of a 103 unit apartment scheme in Camberley.

 

Justin Faiz, Partner at Pluto Finance, said: “We are delighted to have closed another loan for a repeat borrower. We focus on building strong long term relationships with our clients and have strong appetite to fund well located development projects throughout the Home Counties. This loan which is secured against both consented and unconsented sites demonstrates our ability to be flexible in our approach to structuring.”

 

Since July 2015 Pluto has provided £200m of new funding to developers which includes a £30m loan to Galliard Homes. Shortlisted as “Residential Financier of the Year 2015″ by Property Week, Pluto Finance goes from strength to strength, funding projects with a combined GDV of £1bn since 2011. It provides developers with a single loan of up to 90% of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes.

Trinity Sq Corner Shot

Pluto Finance backs Galliard with £30m stretched senior loan

November 2015

Pluto Finance has completed a £30m stretched senior development loan for existing client, Galliard Homes, to fund the development of Trinity Square, Hounslow into 228 apartments. Trinity Square is part of Galliard’s ‘Get on the Ladder’ Campaign to provide hundreds of new homes priced below £300,000 in order to help Londoners get a foot on the housing ladder.
Justin Faiz, Partner of Pluto Finance, said: “We are delighted to have supported a long-standing client with another development project which will deliver much needed residential accommodation for the area.” Pluto have also funded Galliard’s Riverdale House scheme in Lewisham which has been almost entirely pre-sold.
Stephen Conway, Chief Executive of Galliard Homes who are building the home says, “We are proud to continue our role in providing much-needed housing and contributing to the regeneration of London”.
Pluto Finance, the leading residential development lender, has been providing loans to the UK residential development sector since the credit crunch in the form of mezzanine and stretched senior funding. Over that time, the business has established a proven track record and has now completed transactions with a combined GDV of over £1bn.

Marden Homes

Pluto Finance provides development finance to leading Housebuilder

October 2015

Pluto Finance has provided a £29 million stretched senior facility to leading South East developer Marden Homes to assist with its land acquisition programme as it expands its delivery of quality new homes.

 

Marden Homes, established in 1989, has a track record for developing throughout Essex and the surrounding areas but is now expanding its reach to include desirable locations such as Wandsworth and Horley. The new facility is designed to increase their output and area of operation with new sites being developed at Hawkwell and Brentwood. The sites offer homes ranging from two to five bedrooms, some of which qualify for the Governments Help to Buy scheme which only requires a 5% deposit.

 

Rick Tappenden, Director of Marden Homes, said “We pride ourselves on the attention to detail found in each of our homes, and building a welcoming community for our buyers. The team at Pluto has been a tremendous support in enabling us to activate this phase of growth for the business, and have backed our plans all the way”.

 

Gavin Morrison, Relationship Manager at Pluto Finance, said: “Marden Homes has built a strong reputation for delivering quality new homes and we are delighted to be supporting them with their growth aspirations.”

 

Having been shortlisted as “Residential Financier of the Year 2015″ by Property Week, Pluto Finance goes from strength to strength, funding projects with a combined GDV of £1bn since 2011. It provides developers with a single loan of up to 90% of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes

 

Leven Wharf

Pluto Finance provides residential development finance for 96 unit scheme near Canning Town, E14

September 2015

Pluto Finance, the leading residential development lender, has completed a £22m stretched senior facility to assist with the acquisition and development of Leven Wharf, a former brownfield site near Canning Town, E14 .The development will provide 96 apartments and associated car parking spaces.

 

The loan, to Vision Homes Limited, a leading London developer, is in the form of stretched senior residential development finance, combining senior and mezzanine debt. It has been provided by Pluto Finance’s stretched senior loan platform to provide much-needed finance for housing developments across the UK.

 

Andy Blenkinsop, Partner at Pluto Finance, said: “This £22m stretched senior development facility is Pluto’s second loan for this borrower and we are delighted to be supporting experienced clients such as this across multiple projects.”

 

Having been shortlisted as “Residential Financier of the Year 2015″ by Property Week, Pluto Finance goes from strength to strength, funding projects with a combined GDV of £1bn since 2011. It provides developers with a single loan of up to 90% of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes.

Stoke Newington

Pluto Finance Backs Stoke Newington Resi with £14,515,000 stretched senior loan

September 2015

Pluto Finance has completed a £14.5m stretched senior development loan for an existing client to fund the acquisition and development of Wilmer Place, a former shoe factory in Stoke Newington into 33 apartments. The facility also funds the redevelopment of neighbouring 193 – 201 Stoke Newington High Street into new retail premises.
Justin Faiz, Partner of Pluto Finance, said: “We are delighted to have supported a long-standing client with another development project which will deliver much needed residential accommodation for the area and also improve the retail offering on Stoke Newington High Street.”
Pluto Finance, the leading residential development lender, has been providing loans to the UK residential development sector since the credit crunch in the form of mezzanine and stretched senior funding. Over that time, the business has established a proven track record and has now completed transactions with a combined GDV approaching £1bn.
Having been shortlisted as “Residential Financier of the Year 2015″ by Property Week alongside the likes of Barclays and RBS, Pluto Finance goes from strength to strength. It provides developers with a single loan of up to 90% of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes.

Get in touch with us

Speak to one of our experienced team to find out how Pluto Finance can help you.

Your team

Andy Blenkinsop

Andy Blenkinsop

Partner

020 7442 2103

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Mario Ioannides

Mario Ioannides

Lending Director

020 7442 2105

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Rupert Burrows

Rupert Burrows

Construction Director

020 7442 2116

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Greg Dunne

Lending Manager

020 7442 2110

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Duncan Armstrong

Portfolio Manager

020 7442 2108

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Andy Sears

Lending Director

020 7442 2114

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Deborah Farrell

Management Accountant

020 7442 2115

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Iori Antcliff

Partner

020 7442 2112

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Recent transactions

£26,000,000

Senior Loan | 170 Apartments | Southall UB2