Residential development lender Pluto Finance has raised over €574 mln of institutional capital to be deployed across new senior debt and bridging lending strategies as well as to relaunch Pluto’s stretch senior lending, the company has said.
'This significant capital raise provides Pluto with the firepower to continue providing market leading loans,' commented partner Justin Faiz. 'We are now able to provide lower leverage senior debt.'
Pluto aims to lend €574 mln across the three loan types in the next year, having already approved €109 mln of loan credit since the capital raise.
The firm has been lending for residential development since 2011. It said its relaunched stretch senior loans would continue to fund up to 90% of costs, but at lower interest rates than previously.
In explaining the move into bridge lending, partner Andrew Blenkinsop added: 'We are delighted to be able to support our clients throughout the entire project lifecycle by providing short-term loans to assist with site acquisition pre-planning and also to refinance completed units.'
