Pluto Finance closes £13m Wembley development exit bridge loan
Pluto Finance has closed a £13m development exit bridge loan for Signia in Wembley, London.
The facility provides a development exit loan to allow time for the experienced developer to sell the available residential units and provides an equity release to fund new acquisitions.
The completed mixed-use scheme is located at the bottom of Wembley Hill Road, close to Wembley Stadium and both Wembley Park and Wembley Central stations.
The development comprises 55 private residential units, finished to a high specification, along with two ground floor commercial units.
Dhiraj Dabasia of Signia, said: “We are delighted to have secured this facility with Pluto Finance, the second time we have worked with the experienced and professional team.
“The flexible loan structure enables us to pursue opportunities for new site acquisitions while welcoming residents to our Wembley development.
“The location of the scheme is ideal, with excellent public transport links. Being a part of significant and ongoing regeneration of the surrounding area, residents benefit from an abundance of facilities on their doorstep.”
Mario Ioannides, associate partner at Pluto Finance, added: “At Pluto we recognise that we should stand strong with our repeat borrowers now more than ever as we strive to be lender of first choice both in the good times as well as the more challenging times.
“These types of lending relationships and our ability to do our bit for the UK economy by continuing to transact makes me very proud of my team.”