Pluto Finance has introduced a new Flexi-Rate bridge loan product with competitive tailormade rates on its Residential Development Exit Loans from £3 million plus, with monthly rates matching the development’s Loan To Value (LTV).
Flexi-Rate Development Exit
- Development exit on completed stock
- Minimum £3m loan size
- Monthly rate = LTV (eg 55% = 0.55% pm)
- Max 77% LTV
- Arrangement Fee 0.5% up to 70%, 1% above 70% LTV
- LTV assumes 12 months interest and fees included
Furthermore, Pluto is extending the Flexi-Rate pricing to Finish and Exit Bridge Loans.
Flexi-Rate Finish and Exit
- Minimum £3m loan size
- Maximum 72% LTV
- 1% Arrangement Fee
- Dev Exit Flexi-Rate (as above) +0.2% pm until practical completion
- Dev Exit Flexi-Rate from practical completion
- Minimum construction draws of £100k
- No ground or structural works
- Lender monitoring surveyor to verify cost to complete; no more than 30% of total build costs outstanding
- Development must be watertight, with up-to-date building control and new homes warranty
- LTV figure includes 12 months equivalent interest and fees
Get in touch with the team for all enquiries.
