Pocket Living has been granted a £19.3 million debt facility with Pluto Finance for the recently completed Addiscombe Grove asset in Croydon.
This deal with the provider of finance for property developers and investors will help Pocket to deliver homes for those looking to get on the housing ladder.
Paul Rickard, chief financial officer at Pocket Living, explains: “This £19.3 million funding agreement marks Pocket’s second deal with Pluto Finance and demonstrates their confidence in us and our model, as well as the need to continue delivering homes for those who otherwise might not be able to get on the ladder in their local area."
“We recently completed our 1,000th home at Addiscombe Grove in Croydon and, with the support from providers such as Pluto Finance, we look forward to delivering many more much-needed homes across London and beyond.”
The Addiscombe Grove asset
A total of 153 homes were completed at the Addiscombe Grove development as a joint venture with Optivo and Pocket. In March 2022 the development designed by architects Metropolitan Workshop was completed.
First-time buyers who live or work in London and earn less than the Mayor of London’s income threshold for affordable housing are eligible for one of the 112 one-bedroom Pocket apartments. While 41 homes will be shared ownership properties.
Buyers can expect to pay prices from £260,000, receive a minimum of a 20% discount, and own 100% of their property.
Purchasers of these homes can expect a nearby commute to East Croydon station for a variety of transport links. They will also have access to three landscaped roof gardens, a residents' lounge, a co-working space, a wellness room, and cycle storage.
Greg Dunne, lending director at Pluto Finance, comments: “Pluto Finance are delighted to have completed a second Exit Bridge loan with Pocket Living, further showing our belief in their model and product but also strengthening our relationship with them. At Pluto we pride ourselves on repeat business with our clients, helping to deliver a flexible and efficient service for all their funding requirements.’’
Sam Le Pard, director at LEXI Finance, concludes: “Pocket Living and Pluto were a great match, so we were glad to have structured the facility and brought these partners together. Greg and the Pluto team quickly understood Pocket’s unique model and presented incredibly competitive terms. LEXI are proud to have supported Pocket Living in their delivery of affordable houses for local people and are looking forward to working with both parties again in the near future.”