Pluto Finance advances £97m of new loans during September and October
Whilst some lenders have shut up shop during the coronavirus crisis, the Pluto Finance team have been hard at work – completing £97m of bridging and development lending across the UK in September and October alone.
In one of its largest loans this year, Pluto Finance has completed a development loan of £35m to fund the acquisition and development of a residential-led mixed-use development in Chiswick, West London.
The team has also completed bridge loans in Wembley and Essex totalling £13m. The former allowed the borrower to refinance their existing lender prior to practical completion with an additional equity release once practical completion was obtained. The Essex loan provided the borrower with a development exit bridge and equity release. Pluto Finance has seen an increase in enquiries from developers looking at gearing up completed schemes through development exit bridge loans, releasing equity to acquire new sites.
In Ashford, Kent and Cockfosters, North London, Pluto Finance has completed two site acquisition bridge loans totalling £16m. The Ashford loan enabled the borrower to fund a deferred payment for site acquisition and provide additional funding for enabling works on the site. In Cockfosters Pluto funded the borrower’s purchase of a semi-vacant office building allowing time to obtain vacant possession and obtain an enhanced planning consent before proceeding with development finance.
Finally, Pluto Finance has completed a £34m development loan to fund 700 purpose-built student accommodation units in Swansea, Wales for an experienced student operator.
Justin Faiz, managing partner of Pluto Finance, comments: “We are delighted to be continuing to support our borrowers during these difficult times. We remain committed to providing flexible financing for development and bridging at a range of leverage points and across asset classes.”
“We have substantial capital to deploy over the remainder of the year and look forward to continuing lending at this pace.”