Industry veteran Frank Pennal joins Pluto Finance as Non-Executive Advisor

Former Close Brothers Property Group CEO brings 44 years’ industry experience to provide strategic guidance to the firm and support its ambitious growth targets.

Pluto Finance, a leading provider of private credit for UK residential and commercial property developers, welcomes industry veteran, Frank Pennal, as Non-Executive Advisor. Frank brings deep experience to Pluto from senior property finance and lending positions, most notably as CEO of Close Brothers Property Lending, a role he held for 19 years. Frank will provide invaluable strategic guidance and advice to Pluto as it continues its exciting growth trajectory across the UK.

Under Frank’s leadership, Close Brothers became one of the best-regarded lenders in the sector. He was responsible for growing its loan book from £40m to £1.7bn, financing the construction of approximately 7,000 new homes across the UK at any one time. Frank was also a Director of Close Brothers Limited from 2008 and served on the Group Executive from 2019 until his retirement in 2023.

Frank’s appointment to Pluto’s Advisory Panel is further evidence of the leading role non-bank lenders play in providing capital to UK SME residential developers and demonstrates the growing opportunity for investors in this sector.

Justin Faiz, Chief Executive Officer of Pluto Finance, said: “Frank joins Pluto’s Advisory Panel at a very exciting time. Against a backdrop of a critical undersupply of housing, ambitious government housebuilding targets, and the withdrawal of traditional banks from property finance, non-bank lenders now play a key role in filling the funding gap and meeting this societal need. Frank’s experience and strategic advice will be instrumental in helping Pluto capitalise on this opportunity and we are delighted to welcome him to the team.”

Frank Pennal, Non-Executive Advisor to Pluto Finance, said: “I have keenly observed Pluto’s growth as it has become one of the UK’s leading providers of finance for vital housebuilding projects. I have also been impressed by the strength of its relationships with developers, as evidenced by its strong rates of repeat business, and its ability to attract high quality institutional capital to fund its growing loan book and pipeline. This is an exciting time to join Pluto’s Advisory Panel, and I look forward to working with Justin and the team to help achieve its ambitious growth targets.”