Pluto Finance closed £130 million of senior development finance in August, at an average margin of 4.1% and an average Loan to Cost of 65%.
For developments located in Kent, Essex, North London and Central London, Pluto concluded four senior development loans in this summer month, ranging from £7m to £51m. The schemes were a mixture of build-to-sell and build-to-rent.
Justin Faiz, co-founder, and CEO of Pluto Finance, says: “Whilst our team have been busy working across all our lending products, we have been particularly active recently providing Senior Development facilities. At an average margin of 4% for up to 70% LTC, we are now cheaper than the high street banks and able to provide the same, quick turnaround and flexibility that we have historically delivered for our Stretched Development borrowers.”
Backed by some of the world’s largest institutional investors, Pluto Finance provides stretched and senior development loans as well as bridging finance. Pluto Finance is currently funding the development of over 2,000 new homes in the UK.