Residential development lender Pluto Finance has completed a £24.7 million stretched senior facility to assist with the redevelopment of Premier House, an existing office block in Edgware for a private client.

The development will provide 112 apartments above existing retail premises and is within close proximity to Edgware high street and underground station.

The loan, to a leading London developer, is in the form of stretched senior residential development finance, combining senior and mezzanine debt. It has been provided by Pluto Finance’s stretched senior loan platform to provide much-needed finance for housing developments across the UK.

Chris Philp, CEO of Pluto Finance, said: “This £25 million stretched senior development facility is Pluto’s fifth loan for this borrower and we are delighted to be supporting experienced clients such as this across multiple projects.”  

Having been shortlisted as "Residential Financier of the Year 2015" by Property Week, Pluto Finance goes from strength to strength, funding projects with a total GDV of over £450 million in 2014.

It provides developers with a single loan of up to 90 per cent of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes.