Pluto Finance completed £97m of loans over two months
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.”