London-based residential development funder, Pluto Finance, has revealed it has upped its stretch senior loans maximum loan criteria from £30 million up to a colossal £100 million.
Commenting on why the lender has enhanced the loan size, Chris Philp, Partner of Pluto Finance, said: “There is demand in the market for larger loans, and Pluto now has access to further capital.”
Pluto, a specialist in residential development loans for the last five years, has also informed B&C that it will be looking at further ways to enhance its offerings in the near future.
Chris commented: “We will also look selectively at site acquisitions with an element of planning risk.”
The lender, which can fund up to 90 per cent of development costs, has recently funded around 50 projects with the total GDV approaching £1 billion.
As the economy improves and its access to capital develops, it stated it will have appetite to increase its exposure to the sector, including by increasing minimum loan sizes.
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