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 4 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…”