We’re pleased to announce the completion of a £20m gross development facility with Legacy Properties to deliver 80 new family homes at The Paddocks in Trispen, near Truro, Cornwall.
The senior loan sits alongside a £2.5m equity investment from Housing Growth Partnership (HGP), backed by Lloyds Banking Group. Pluto initially supported the acquisition of the site with a land bridge facility and has now structured the senior development facility to take the scheme through to delivery.
The Paddocks will provide a mix of 53 open market homes and 27 affordable units, delivering much-needed three, four and five-bedroom houses and bungalows in an undersupplied regional market. All homes are targeting high EPC ratings and will incorporate air-source heat pumps, EV charging infrastructure and solar panels.
It’s been a strong collaborative effort, working closely with Legacy Properties and HGP to align the facility with the build programme and capital stack requirements of the joint venture. Thank you to Rickesh Patel at Mantra Capital for introducing the transaction, and to Glovers, MDA and Savills for their advice throughout the process.
A big thank you as well to Associate Director, Portfolio Management Harley Allen and Analyst Perry Beckett for managing the execution side and driving the loan through to completion.
We’re proud to support the delivery of high-quality, sustainable homes in Cornwall and to continue backing experienced regional developers with flexible senior development finance.
