Pluto Finance has closed £150 million of new loans since it announced its target of £600 million in new lending for 2021.
In March, following the repayment of £300 million from its loan book and a new capital injection, the specialist property lender put a target in place for a total of £600 million of new lending for the remainder of 2021 and is well underway in fulfilling this goal.
In one of its largest loans this year, Pluto Finance has completed a £50 million Stretch Senior Development Loan, including site acquisition, for a residential scheme in West Hampstead, London. The lender has also completed a £42 million Bridge finance for a large site in Walthamstow allowing the borrower time to secure forward funding and cashflow initial construction works for development.
Three Development Exit Bridge loans have been provided, totalling £20 million, across the South East, allowing the borrowers more time to sell the completed units. Another Bridge loan on a partially let office building in Weybridge, of £9 million has been completed to enable the borrower to seek full vacant possession to develop the site.
Finally, two further Stretch Senior loans have completed, totalling £29 million, including a £26 million refinancing in Godalming to fund 128 new units after the borrower obtained additional planning permission for the site.
Justin Faiz, Partner at Pluto Finance, comments: “With the continued backing of our top-tier investors, we are continuing to push forward at full speed, with a number of other deals in the immediate pipeline and are well on our way to meeting our target of £600 million in new lending this year.”