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A message from Pluto Finance in response to Covid-19

These are truly unprecedented times and not one of us could have seen this coming, nor could we have imagined the widespread and global impact it has had. First and foremost, our thoughts are with those most affected and our thanks are most certainly with the NHS.

The Impact

We are yet to fully understand the impact of Covid-19 on our industry and envisage that we are likely to continue in turbulent times for a while longer. The UK housing market was enjoying the its strongest start in four years (Zoopla, 2019) with Nationwide recently reporting house price growth up 2.3% in February and 3% in March (YoY). However, these figures are said to be too premature to account yet for the effect of Covid-19.
There are a number of opinions circulating with regards to what the short and medium term holds, but it would be prudent to assume that whilst the lockdown remains in force, transaction levels will decline sharply, and uncertainty will remain.

Pluto’s plan

At Pluto Finance, our primary concern at present is our existing borrowers and we have been working hard to
ensure we continue to support them through this time. We have been working closely with our funding partners and third-party monitoring surveyors to ensure we can continue to lend. We are, of course, following government guidelines therefore the whole team is working from home for the time being and remain as fully operational as we can be without physical meetings and site visits.

Open for business

We’d like to assure you that Pluto is still very much open for lending.

Over the last few weeks, we have seen a number of other lenders pull from the market entirely and we have no plans to follow suit. We have adjusted our risk appetite, with a 5-10% reduction in LTVs and have reduced our exposure to some commercial asset classes But rest assured, our appetite to lend remains strong and we will be looking at enquiries on a case by case basis.

If you have not already done so, please get in touch with us to discuss any development or bridging enquiries you have. We will also be happy to discuss our current appetite in more depth over a call.

We look forward to hearing from you.

Stay safe.

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