Pluto Finance lends £5m for North London development

Pluto Finance lends £5m for North London development



Residential development lender Pluto Finance has agreed to lend £5.18 million to assist with the development of a site in North London .


Residential development lender Pluto Finance has agreed to lend £5.18 million to assist with the development of a site in North London.

The loan advanced to a local developer is in the form of stretched senior residential development finance, combining senior and mezzanine debt.

The facility has been provided by Pluto Finance’s £360 million stretched senior loan business for six family houses and an apartment in Tufnell Park.

Pluto Finance’s stretched senior debt platform is backed by Blackstone, Clearbell Capital and a number of well-known institutional investors. It provides developers with a single loan of up to 90 per cent of the development’s cost, enabling developers to kick start new projects and spread their equity across a greater number of schemes.

Chris Philp, CEO of Pluto Finance, said: “Our stretched senior business continues to prove popular with residential developers who have lost trust in the traditional banking model. By providing high gearing, a quick turn around and a single point of contact we are able to assist with the development of residential schemes that may not have been viable without our facilities.”

“We were happy to complete the financing of the North London transactions for an entrepreneurial property developer quickly and smoothly. By understanding the fundamental drivers of demand in the areas we are able to provide high leverage funding whilst maintaining a high credit quality”.

Pluto informs DFT that the group has recently funded projects with a total GDV of more than £700 million.

 



1 Comments

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    Emmy Wolf

    Thanks so much for the blog post.Much thanks again. Really Great.

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