Pluto Finance closes development exit bridge loan for Storey Homes
Pluto Finance has completed a £3.4m development exit bridge loan for Storey Homes’ Birch Meadow development in Hertfordshire.
Birch Meadow is an exclusive development of 12, three, four and five-bedroom homes located on Cambridge Road in the Hertfordshire village of Barkway, near Royston. The low-gear development exit bridge facility was agreed at 55% LTV for a 12-month term.
Greg Dunne, lending director at Pluto Finance, says: “We are delighted to have completed this exit bridge loan to Storey Homes, during what is a difficult period, demonstrating Pluto’s increasing flexibility and ability to adapt to all market conditions. We thank Peritus for introducing this new client, further growing our relationship with them, along with the start of a new relationship with Storey Homes.”
Storey Homes is a family-owned property developer, which has been operating since 2003, focusing on high-quality developments in the Northern Home Counties.
Pluto Finance has been actively lending since 2011 and is currently funding the development of around 2,000 new homes.