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Private sector funding as important as government funding to tackle the housing crisis

by Mario Ioannides, Lending Director, Pluto Finance 

Last month at the London First Building Summit, Communities Secretary Rt Hon James Brokenshire MP announced nearly £500 million will be spent building more than 11,000 ‘much-needed’ affordable properties across the country. The Strategic funding partnerships by Homes England promises to give the successful housing associations the freedom to spend the money on developments ‘where it can have the biggest impact’. 

These latest measures announced are part of the government’s plans to deliver over 300,000 homes a year by the mid-2020s. This is a great step towards meeting the Government’s target, but to meet this, we can’t just rely on housing associations and government funding. Larger, private household-name housebuilders have a large part to play, as do the SME developers. 

Shelter’s Commission on the Future of Housing report sites lack of housing supply as one of the key factors in affordability issues for households across the country. Of course, this is a particular problem in London and the South East where Pluto Finance is focused. We need to build new homes and do so quickly. At Pluto Finance we work with all housebuilders, providing quick funding solutions, covering bridging, senior and stretched senior loans from £1m to £50m+ to enable developers of any size to get their new projects off the ground and we see these through to completion and beyond. We are always happy to look at more complicated funding agreements, working with our clients to provide the flexibility they need at the very best rate. We are supporting developers that are strategically focused on providing essential housing that is at the affordable end of the housing market in the South East.  We are not financing high end units that are out of reach for most. 

Despite the uncertainties in the market at present, as we work through the Brexit outcome, at Pluto Finance, business is robust.  We have very strong backing from some of the world’s largest institutional investors and we are here to keep the market moving, with our experienced team on hand to smoothly facilitate tailor made loans. 

We are currently funding the development of 2,500 new residential units across the South East and are continuing to support housebuilders in providing the much-needed new homes to tackle the housing crisis. 

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