Pluto Finance has achieved its goal of completing £100 million of bridge loans in its first full year of providing bridging finance.
Lending up to 72% of value against any asset class, with loan sizes ranging from £1m to £20m, Pluto Finance has rapidly carved out its own position in the short term lending market.
Justin Faiz, Partner at Pluto Finance, comments: “We are delighted to have hit our first year lending targets for bridge loans and we have a very strong pipeline going into 2019. Our approach of providing bespoke underwriting for large, complex loans coupled with fast turnaround time has been a big hit with property developers and investors.”
The £100m was achieved over 20 loans across England and Wales, with typical cases including development finance exit, planning reconfiguration, commercial short leases and light refurbishment.
Notable bridges in 2018 include:
- £5.5m loan to refinance an existing retail centre in a Dorset market town with the lease to anchor tenant expiring within 6 months
- A bridge loan of £6.5m to acquire an office building in Kensington, for which the purchasers intended to obtain a full residential consent
- A loan to assist with the urgent acquisition of an office block in Staines-upon-Thames. The loan itself had a 68% loan to value, with market leading pricing of 0.6% pcm.
