Pluto Finance - Funding Property Development

Pluto Finance completes fourth development loan for Stonegate Homes

January 2020

Pluto Finance has completed its fourth development loan to repeat borrower Stonegate Homes.

The £8.7million Stretched Senior Development Loan will fund a new 49 unit residential scheme in Gerrards Cross for Stonegate Homes, a leading developer active throughout Greater London and South East England. This follows another £21.0m Stretched Senior Development Loan to the borrower last year on a 99 unit scheme in Godalming, Surrey.

Greg Dunne, Lending Director at Pluto Finance, says: “We are delighted to be providing our fourth loan to Stonegate Homes.  This again highlights the focus Pluto puts on repeat business with our clients, recognising the excellent customer service, pricing and flexibility that we offer. As a one-stop shop for property lending, we are able to provide Senior, Stretched Senior and Bridging loans to our borrowers – offering a solution for any property financing requirements.”

Jerry Hinds the Founder of Stonegate Homes comments “We are delighted to have recently completed our fourth Loan with Pluto Finance. It is a relationship that is continuing to grow and we look forward to working with them on more schemes in the future.”

Christmas comes early as Pluto Finance closes over £100m in the first week of December

December 2019

Christmas came early to Pluto Finance’s borrowers this year, as the specialist lender made over £100m of new loans in the first week of December.  Putting political uncertainties to one side, the Pluto Finance team closed a record-breaking level of development and bridge lending early on in the festive season.

Loans last week include development funding for office to residential schemes in Buckinghamshire and Essex, development exit bridge in Bracknell and an acquisition bridge for a Leeds office building.

Speaking on behalf of Pluto Finance, Mario Ioannides said, “Whilst most of our competitors are already lost in the fog of Christmas lunches and arguing over who will get the Savills salmon this year, the Pluto team have once again knuckled down and delivered a large volume of complicated financing to extremely tight deadlines.  I am particularly proud that over £90m of these loans have been to repeat Pluto borrowers, recognising the excellent customer service, pricing and flexibility that Pluto offer.”

With the recent hires of bridging specialists Simon Chapman and Chris Scott, Pluto Finance is looking forward to increasing bridge lending in 2020, as well as continuing to provide development finance at rates starting at 3.95%.

Pluto Finance appoints Chris Scott as Lending Director

December 2019

Pluto Finance has appointed Chris Scott as Lending Director joining the firm’s London-based team.

Chris joins from Octopus Real Estate where he spent five years, with his most recent position as Senior Business Development Manager covering London.

Chris comments: “I’m looking forward to working with Pluto Finance and their market leading proposition. I have always had a strong focus on customer service and delivering on client’s expectation and Pluto Finance are a firm that very much shares that passion.

“The team are well respected in the market and the appetite to lend is extremely exiting. The increased focused on bridging is well timed as I feel there is still a gap in the market for a lender willing to take a practical, commercial and streamlined approach to lending. In uncertain times there is undoubtedly a great opportunity for specialist development and bridging finance providers to flourish. I believe the product and service offering here at Pluto Finance is ideally placed to take advantage of this.”

Chris joins Pluto Finance’s 20-team which specialises in providing Stretch Senior development finance, Senior Development Finance and Bridging Loans. With backing from some of the world’s largest institutional investors, Pluto Finance is on track to lend over £500m this year.

Pluto Finance has recently launched its refreshed bridge lending product range with the ability to price as low as 0.49% per month and lend up to 77.5% LTV. The team can now offer 2-year bridge loans as standard with loan sizes from £1m to £30m+.

Pluto Finance broadens bridging offer

November 2019

Pluto Finance broadens bridging offer

Pluto Finance has just launched its refreshed bridge lending product range.  Key changes include the ability to price as low as 0.49% per month and lend up to 77.5% LTV.  The specialist property lender can also now offer 2-year bridge loans as standard, with loan sizes from £1m to £30m+.

Pluto Finance has raised over £250m of additional institutional capital this autumn to boost its bridge lending capacity.  It can lend against any asset type – including sites, development exit, office, retail, care homes and hotels.

Simon Chapman, Lending Director, comments: “We are delighted to offer the most flexible short-term finance in the market.  Our new low rates are proving particularly attractive for development exit.  We are very competitive in providing large bridge loans requiring a bespoke approach.”

Recent Pluto Finance bridge loans include a £12.0m development exit loan for a completed scheme in Harlow, £3.7m against a site in West London and £2.0m for a barn conversion in Hertfordshire.

Pluto Finance’s Autumn Drinks Evening

November 2019

It was great to see so many of our clients, partners, brokers and contacts at our inagural Autumn Drinks Evening last week held at the Burlington Arms in London’s Mayfair.

We look forward to welcoming you again next year. In the meantime, for any enquiries, please get in touch with the team.

Summer cancelled as Pluto Finance completes over £110m of lending in July and August

September 2019

Whilst the rest of the industry were sunning themselves on the beach this summer, the Pluto Finance team have been hard at work, completing over £110m of bridging and development lending in July and August.

Pluto has been particularly active in bridge lending over the holiday period. Highlights include lending £10.5m for a leasehold site acquisition bridge in Finchley, and £2.5m for a garage with planning for residential in Wimbledon. The team also completed a number of refinance bridges – typically providing the borrower with an equity release as well as refinancing their existing debt.

In development lending, Pluto funded four office-to-residential schemes across the Home Counties, including lending £16.1m to develop a scheme of 77 flats in Brentwood, Essex, and £21.0m for a 99 unit scheme in Godalming, Surrey. New build schemes include £11.0m for 26 flats in Walthamstow.

Justin Faiz, Partner at Pluto Finance, comments: “We are delighted to have had the opportunity to fund some excellent projects this summer. Over 75% of this lending has been to repeat borrowers, for whom our flexibility and ability to meet tight funding deadlines is a core part of our offering. We are now able to offer either the highest leverage or the cheapest finance cost on any bridge or development loan – although despite many borrower requests, unfortunately we still can’t satisfy both these requirements at the same time.”

Pluto Finance appoints new Lending Director

September 2019

Pluto Finance has appointed Simon Chapman as Lending Director joining the firm’s London-based team.

Simon joins from Lendco where he was business development director. Having started his career at Investec Bank, Simon has also held positions at UBS, Commercial Acceptances Limited (part of Close Brothers) and Amicus Finance, specialising in all aspects of property finance, working closely with clients.

Simon comments: “Pluto Finance provides a fast turnaround time and excellent quality of customer service. Over half of its loans are made to repeat borrowers, a testament to such a respected team. I am particularly excited to be able to deliver our new low leverage bridging product, with market leading rates which in addition to the existing product offering provided at Pluto will provide me with the necessary tools to service every client and introducers needs.”

At Pluto Finance, Simon joins the 20-team which specialises in providing Stretch Senior development finance, Senior Development Finance and Bridging Loans in the property sector, across the South of England. With backing from some of the world’s largest institutional investors, Pluto Finance is currently funding the development of over 2,000 new homes in the UK.

Pluto Finance closes £31.5 million of bridging loans in Poplar

July 2019

Pluto Finance has closed a total of £31.5 million in bridging loans, to finance two properties in Poplar in the London Borough of Tower Hamlets in East London.

The specialist property lender provided a £12.7 million loan to fund the acquisition of a former document storage centre in Poplar.

The property is located in a strategic position in the London Borough of Tower Hamlets, between Limehouse and Silvertown, and currently has B8 storage and distribution use.

Mario Ioannides, Lending Director at Pluto Finance, comments: “The borrower for this loan is a specialist at obtaining significant planning consents and we are delighted to lend to such an experienced and diligent client. We provided a 12-month bridge facility with the option to extend for a further 12 months if required.”

Also, within Poplar, Pluto has provided a £19 million development exit bridge to allow a repeat borrower to take out a significant equity release after achieving practical completion.

Mario adds: “At Pluto Finance we are able to move very quickly to provide finance facilities of this type to assist borrowers at all stages of development.”

Pluto Finance funds 26-unit residential new build scheme in Milton Keynes

May 2019

Pluto Finance has closed a new £8 million stretched senior residential development loan to Paul Newman New Homes for a new 26-unit scheme in Milton Keynes.

The Monkston Park development will comprise 18 houses and eight affordable apartments, located on the south side of Milton Keynes on the edge of the Ouzel Valley. The site is part of the Council’s broader strategic development plan for Milton Keynes.

This is the second scheme Pluto Finance has funded with Paul Newman New Homes, following the development of a 34-unit development in the New Bradwell area, also in Milton Keynes.

Greg Dunne, Pluto Finance’s Lending Director, comments: “We are delighted to be lending for a second time to such an experienced borrower. Paul Newman New Homes has a great reputation for unlocking complex development sites by working in close partnership with housing associations, landowners and financial institutions.”

Paul Newman New Homes was established in 2004 and has since built over 1,000 new homes in the UK.

Paul Newman says: “To have the backing of a no-nonsense funding partner, such as Pluto Finance, with a quick turnaround, enables our team to deliver much needed new homes in the Milton Keynes area and further afield.”

Milton Keynes is a popular commuter town, with a 30-minute train time to London Euston. The population, currently 250,000 is growing more quickly than in most parts of the UK making it attractive to a variety of household name employers such as Deloitte, Santander, Red Bull racing, Network Rail, John Lewis Distribution and The Home Retail Group. Between 2010 and 2016, the business base increased by over 34%.

Pluto Finance adds new Credit Analyst to London team

May 2019

Pluto Finance has appointed Anish Vora as Credit Analyst joining the firm’s London-based team.

Anish started his career at National Australia Banking Group, focusing on commercial lending for three years, followed by three years working in the wealth management industry with a focus on the analysis of UK equity funds and UK equities. Anish then became an investment manager responsible for placing equity into real asset projects including residential and commercial developments.

At Pluto Finance, Anish joins the 15-strong team. With backing from some of the world’s largest institutional investors, Pluto Finance is currently funding the development of over 2,000 new homes in the UK.

Get in touch with us

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Your team

Lachie Davidson

Lachie Davidson

Analyst

0207 442 2121

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Charlene Sherry

Office Manager

0207 442 2106

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Greg Dunne

Greg Dunne

Lending Director

020 7442 2110

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Andy Blenkinsop

Andy Blenkinsop

Partner

020 7442 2103

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Kate Titchmarsh

Kate Titchmarsh

Communications Manager

07595 673 610

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Simon Chapman

Simon Chapman

Lending Director

020 7442 2117

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Sam Hudson

Sam Hudson

Credit Operations Manager

020 7442 2118

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Chris Scott

Chris Scott

Lending Director

0207 442 2123

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Mario Ioannides

Mario Ioannides

Lending Director

020 7442 2105

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Iori Antcliff

Partner

020 7442 2112

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Robert Swift

Robert Swift

Head of Investor Relations

0207 442 2119

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Rupert Burrows

Rupert Burrows

Construction Director

020 7442 2116

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Anish Vora

Anish Vora

Credit Analyst

0207 442 2111

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Senior Loan | 50 Units | Leyton, London E10