Pluto Finance Targets £600m of new lending in 2021
Pluto Finance has revealed that it is targeting £600m in new lending over the rest of 2021, following the repayment of £300m from its loan book in Q4 2020 and Q1 2021.
The specialist lending team has redeemed £210m from its loan book over the last quarter through sales and refinances, and has estimated a further £90m of repayments in Q1 this year.
Mario Ioannides, associate partner at Pluto Finance, said: “As a result of these successful repayments and new capital injection, we are targeting a total lending of £600m in 2021.
“In addition to our ‘business as usual’ residential development finance, we are diversifying our loan book further with increased Bridge Loan facilities.
“And whilst we will remain able to facilitate sub-£5m bridge loans, our strong preference is to target bridge loan ticket sizes of £5m to £35m in order to reach this new target.”
Pluto Finance’s push into increased bridge loans will focus on development exit bridge loans, offices in city centres with potential to obtain residential planning consent, income producing assets, and land with residential planning.
Pluto Finance has recently closed two large development exit bridge loans in Wembley and Ruislip.
Ioannides added: “Pluto were able to achieve 65% LTV against new build residential buildings with no income, at margins of sub-4.5%.
“We welcome the opportunity to structure many more similar £10m+ Development Exit Bridge loans.”