Pluto Finance provides £130 million development finance

Pluto Finance closed £130 million of senior development finance in August, at an average margin of 4.1% and an average Loan to Cost of 65%.

Pluto Finance is a specialist property lender providing development and bridging finance in England and Wales.

Since its inception in 2011, Pluto Finance has provided over £2.5 billion of development and bridge lending, financing the delivery of over 10,000 new homes.

Property lender is part-owned by the Universities Superannuation Scheme, the UK’s largest private sector pension scheme with over £80 billion in assets under management and Pluto’s investors include pension funds, insurers, and large global financial institutions.

Working with patient, long-term capital allows Pluto to put borrower relationships at the heart of its business which is evident in the high proportion of repeat borrowers.

Pluto employs a team of 25 specialist property lending professionals based in London, delivering flexible, pragmatic funding with a focus on excellent customer service and fast turnarounds.

Development loans, at its finest

For developments in Kent, Essex, North London, and Central London, Pluto concluded four senior development loans in this summer, ranging from £7 million to £51 million and the schemes were a mixture of build-to-sell and build-to-rent.

Justin Faiz, co-founder, and chief executive officer of Pluto Finance, says: “Whilst our team has been busy working across all our lending products, we have been particularly active recently providing Senior Development facilities. At an average margin of 4% for up to 70% LTC, we are now cheaper than the high street banks and able to provide the same, quick turnaround and flexibility that we have historically delivered for our Stretched Development borrowers.”

The company is currently also funding the development of over 2,000 new homes in the UK.

Backed by some of the world’s largest institutional investors, Pluto Finance aims to provide stretched senior development loans as well as bridging finance.