Pluto Finance closes £158m of funding in the last six weeks
Pluto Finance has announced a total of £158m of funding over the last six-weeks.
Completing a total of £61m of stretched development loans across Brent, Essex and East Sussex, Pluto’s Stretched Development funding is now back to a maximum of 90% LTC / 75% LTV.
A further £22m of Senior Development funding was agreed for 98 flats and 35,000 sq ft of retail space in Hertfordshire. Pluto’s Senior funding rates are competitive with the high street with margin’s beginning with 3%.
Finally, £75m of bridge loans closed across seven facilities in the last six weeks, ranging from loan sizes of £2.5m to £21m, all of which were facilitated at short notice. These bridge loans have assisted a range of borrower requirements, from land with planning, requiring short term loans until assets are sold or planning is enhanced, to Development Exit Bridge loans required until either units are sold or refinanced to longer-term debt.
Mario Ioannides, associate partner at Pluto Finance comments: “Our pipeline for the rest of the financial year is strong and we are on target to exceed our business plan targets. What we have achieved in the last 6 weeks is very pleasing during a time of moving into new offices to house our growing team of finance experts.
“We are now back to facilitating 90% LTC development loans and our bridge loan products are competitive both in pricing and structuring. We also now have even more streamlined processes and structuring for sub £10m development loans and sub £3m bridge loans.”