Pluto Finance launches new Streamlined Stretched Development Finance product
Pluto Finance has launched a new Streamlined Stretched Development Finance product, offering a streamlined credit, legals and due diligence process for residential and mixed-use, new build and conversion projects.
With loan sizes from £5m to £15m, for experienced SME developers and housebuilders, the typical loan term will be 21 months, with margins from 5.75% depending on LTGDV.
John O’Donnell, Pluto Finance’s lending director, comments: “This new lending product is designed to improve existing funding options for the SME space – for these developers to benefit from Pluto’s expertise in lending on larger, structured facilities.
“With prompt decision making and a pro-active completion process, the lending options will enable established developers to maximise the use of their funds without having to resort to third party equity providers.”
The Streamlined Stretched Development Finance product can be used in conjunction with Pluto Finance’s Bridge and Development Exit offerings. In addition, peak debt facilities will be considered.
Pluto Finance is backed by some of the world’s largest institutional investors and is currently funding the development of over 2,000 new homes in the UK. In 2021, Pluto Finance signed a new funding partnership with the UK’s largest private pension fund (the Universities Superannuation Scheme) to further enhance its development finance offering.
In addition to the new Streamlined Stretched Development Finance product, Pluto Finance’s lending products include Senior Development, Stretched Senior Development, Bridging and PRS Term loans.