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Pluto Finance Lending Update

By Simon Chapman, Lending Director, Pluto Finance

Real estate finance is just one of many aspects of the property world to have been affected by
Covid-19. We have seen banks’ appetite diminish, investor demand waiver and peers halt operations all together. Thankfully, Pluto Finance has remained very much open for business during this time.

Since the start of lockdown, our specialist team has remained 100% operational from the comfort of
our homes. The use of Teams/Zoom has been integral to our ability to convene our credit committees and interact with one another, and our relationships with funders and clients have allowed us to continue supporting clients in these challenging times.

We have completed a number of transactions since lockdown commenced, including: a £13m development exit facility in Wembley; a £3.4m bridge loan in Royston, Herts and a £9.7 million acquisition funding in Milton Keynes, and our pipeline remains healthy.

On the front end, we have seen a strong level of new enquiries throughout, which we are eager to support.

We see this time as a great opportunity to work with new clients.  On the bridging front, we are currently placing an emphasis on income producing commercial assets with strong covenants, and residential units with good pre-Covid comparable sales evidence. For development, we are looking to support experienced developers building well-priced stock within London and the South east. We will also consider Student Development opportunities for experienced operators.

We are actively seeking to expand our borrower-base of experienced developers and investors and we are able to offer flexible and market leading facilities to support them.

Development

  • Up 60% net LTGDV or 67.5% gross LTGDV
  • Up 80% Net LTC
  • Pricing from 3.95%- 7.95% above Libor (subject to a 0.75% minimum.
  • Loans from £8m+

Bridging

  • Up to 60% Net LTV
  • Pricing from 0.59% – 0.8%pm.
  • Loans from £1m+

If you are a Developer or Introducer with something that may fit the above, please feel free
to get in touch with one of the team.

 

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