Pluto Finance

Pluto Finance lends £12.5m for 50-unit London scheme

Specialist lender Pluto Finance has provided a £12.5m loan to Galliard Homes to support a 50-unit residential development in Leyton, east London.

The scheme on Tallack Road is within walking distance of a number of rail and tube links, including Leyton station.

Leyton scheme

The Leyton scheme development is set to be completed in 2020.

“We have been lending to Galliard Homes since 2014, working closely with the team on developments across the South East and we are delighted to be funding [its] latest scheme in Leyton,” said Mario Ioannides, lending director at Pluto Finance.

“At only 60% LTV, we were able to offer a cheaper interest rate than the clearing banks.”

Jonathan Morgan, director of investment and developments at Galliard Homes, added: “We have a number of live development loans with Pluto Finance.

“[It continues] to offer a market-leading combination of pricing and pragmatism and we are very pleased to extend our cooperation to our new Leyton project.”

Last week, Pluto Finance appointed Andrew Lipscombe as its new lending manager.

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