Pluto Finance Backs Home Counties Focused Developer in Hook
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Manager at Pluto Finance, said: “We are delighted to have supported this project when at the time other lenders had withdrawn from the office to residential sector”.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.