Pluto Finance has a completed a £9.7 million bridge loan for the acquisition of Station House, Milton Keynes MK9, for a proposed new residential development.
The 12-month bridge facility will enable the acquisition of the Station House site which comprises a five-storey building, main station concourse and ticket office of Milton Keynes train station, a ground floor retail parade and four upper storeys of office space.
The property has planning permission in place to convert the existing office space into 200 residentials units, whilst retaining the ground floor station and retail space. In a prime position, once developed, Station House will be ideal for local workers as well as commuters into London, with a 30-minute journey time.
Justin Faiz, Partner of Pluto Finance, comments: “We are delighted to have completed the acquisition funding for this proposed development which has so much potential being ideally located. This was a complex agreement, including the purchaser’s acquisition of a company and a number of long leases to be considered, however the loan credit was approved and funded within four weeks with the entire team coordinating from home.”
Pluto Finance has been actively lending since 2011 and is currently funding the development of over 2,000 new homes in the UK.