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Pluto Finance completed £97m of loans over two months

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Pluto Finance completed £97m of bridging and development lending across the UK in September and October.

One of the largest loans the lender completed in 2020 was a development loan of £35m, to fund the acquisition and development of a residential-led mixed-use development in Chiswick, West London.

In addition, the lender completed a £34m development loan to fund 700 purpose-built student accommodation units in Swansea, Wales.

Other notable loans completed this year include two site acquisition bridge loans totalling £16m in Ashford, Kent and Cockfosters, North London.

The Ashford loan enabled the borrower to fund a deferred payment for site acquisition and provide additional funding for enabling works on the site.

While the Cockfosters loan 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.

Justin Faiz, managing partner of Pluto Finance, said: “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.”

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