Pluto Finance has closed a new £8m stretched senior residential development loan to Paul Newman New Homes for a new 26-unit scheme in Milton Keynes.
The Monkston Park development will comprise 18 houses and eight affordable apartments, located on the south side of Milton Keynes on the edge of the Ouzel Valley. The site is part of the Council’s broader strategic development plan for Milton Keynes.
This is the second scheme Pluto Finance has funded with Paul Newman New Homes, following the development of a 34-unit development in the New Bradwell area, also in Milton Keynes.
Greg Dunne, Pluto Finance’s lending director, comments: “We are delighted to be lending for a second time to such an experienced borrower. Paul Newman New Homes has a great reputation for unlocking complex development sites by working in close partnership with housing associations, landowners and financial institutions.”
Paul Newman New Homes was established in 2004 and has since built over 1,000 new homes in the UK.
Paul Newman says: “To have the backing of a no-nonsense funding partner, such as Pluto Finance, with a quick turnaround, enables our team to deliver much needed new homes in the Milton Keynes area and further afield.”
Milton Keynes is a popular commuter town, with a 30-minute train time to London Euston. The population, currently 250,000 is growing more quickly than in most parts of the UK making it attractive to a variety of household name employers such as Deloitte, Santander, Red Bull racing, Network Rail, John Lewis Distribution and The Home Retail Group. Between 2010 and 2016, the business base increased by over 34%.