The specialist lender redeemed £210m from its loan book in the last quarter through sales and refinances and estimates a further £90m in total of repayments in Q1 this year.
To reach its goal, the finance provider will focus on development exit bridging loans, offices in city centres with potential to obtain residential planning consent, income producing assets, and land with residential planning.
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Mario Ioannides, associate partner at Pluto Finance, said: “In addition to our ‘business as usual’ residential development finance, we are diversifying our loan book further with increased bridging loan facilities.
“While we will remain able to facilitate sub-£5m bridge loans, our preference is to target bridge loan ticket sizes of £5m to £35m in order to reach this new target.”
Recently, Pluto Finance closed two large development exit bridging loans in Wembley and Ruislip.
The two complex transactions allowed its clients to redeem expiring development finance with no redemption penalties beyond three months.
“Pluto Finance was able to achieve 65% LTV against new-build residential buildings with no income, at margins of sub-4.5%,” added Mario.
“We welcome the opportunity to structure many more similar £10m+ development exit bridging loans.”