Pluto Finance has completed a £14.5m stretched senior development loan for an existing client to fund the acquisition of a former shoe factory.
The development of Wilmer Place in Stoke Newington will see the former factory turned into 33 apartments.
The loan facility will also fund the redevelopment of neighbouring 193-201 Stoke Newington High Street into new retail premises.
Justin Faiz, Partner of Pluto Finance, said: “We are delighted to have supported a long-standing client with another development project which will deliver much needed residential accommodation for the area and also improve the retail offering on Stoke Newington High Street.
Pluto provides developers with a single loan of up to 90% of the cost of the development to allow developers to kick start new projects and recently completed transactions with a combined GDV approaching £1bn.
Pluto Finance has completed a £14.5m stretched senior development loan for an existing client to fund the acquisition of a former shoe factory….
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