Pluto Finance

Pluto Finance provides £150m of new loans in Q2

Pluto Finance has closed £150m of new loans in Q2 2021 after announcing it was targeting £600m of new lending this year.

This follows the repayment of £300m from its loan book and a new capital injection.

The deals that helped the specialist lender reach £150m were a mix of bridging and development facilities, including one of its largest loans this year — a £50m stretched senior development loan, including site acquisition, for a residential scheme in West Hampstead, London. 

The company also completed a £42m bridging deal for a large site in Walthamstow, London, allowing the borrower time to secure forward funding and cashflow for initial construction works for the development.  

Three development exit bridging loans totalling £20m were also provided across the South East, giving the borrowers more time to sell completed units. 

Meanwhile, a £9m bridging loan on a partially-let office building in Weybridge, Surrey, was completed to enable the borrower to seek full vacant possession to develop the site.

The lender also funded two further stretched senior loans totalling £29m, including a £26m refinance deal in Godalming, Surrey, to fund 128 new units after the borrower obtained additional planning permission for the site.

Justin Faiz, partner at Pluto Finance (pictured above), commented: “With the continued backing of our top-tier investors , we are continuing to push forward at full speed, with a number of other deals in the immediate pipeline.

“We are well on our way to meeting our target of £600m in new lending this year.”

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