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