Development lender Pluto Finance has provided a £20.4 mln (€27 mln) loan to fund the redevelopment of an existing office in block in Lewisham, southeast London.
Development lender Pluto Finance has provided a £20.4 mln (€27 mln) loan to fund the redevelopment of an existing office in block in Lewisham, southeast London.
The development by Galliard Homes will provide a total of 137 apartments with a gross development value of £35 mln. The majority of the units have already been sold off-plan to UK purchasers.
The loan, in the form of stretched senior combining senior and mezzanine debt, has been provided by Pluto Finance’s £360 mln loan business which is backed by Blackstone, Clearbell Capital and a number of other institutional investors. The funding platform provides developers with a single loan of up to 90% of the cost of the development.
Chris Philp, CEO of Pluto Finance, said: 'Our stretched senior business continues to prove popular with residential developers who have lost trust in the traditional banking model.'
Established in 2004 by Chris Philp and Justin Faiz, Pluto Capital operates in the UK and Europe. In the UK, the company provides residential development finance for developers through Pluto Finance. In southeast
Europe the company manages a development fund, Pluto Developments.
