Pluto Finance Closes £11.5m development loan with complex land title in Milton Keynes

Pluto Finance, a leading property finance provider, has successfully closed an £11.5 million loan to support SSJ Holdings' new residential development project in Milton Keynes. This complex arrangement includes a £1.5 million day one advance and an £8.5 million construction loan, designed to finance the development of 60 new build apartments.

The new build apartments are expected to significantly benefit the local community by addressing the pressing issue of housing supply in Milton Keynes. The development will not only provide much-needed new homes but also enhance the local area, contributing to urban renewal and economic growth.

The site had an unusually complicated land title structure, with a a development lease between three different counterparties.  Pluto Finance, advised by longstanding London solicitors Brechers, was able to structure around this complexity in a timely manner. A six-month lead-in period has been arranged to allow SSJ Holdings to finalise their procurement method and costings for the scheme. This comprehensive package includes site acquisition finance and a commitment to a construction facility.

Simon Chapman, Lending Director at Pluto Finance, commented: “We are delighted to be part of this transformative project in Milton Keynes. At Pluto Finance, we are committed to supporting developments that have a positive impact on local communities. This project will address the housing shortage and provide high-quality homes for residents.”

SSJ Holdings representative stated: “I would like to express my sincere gratitude for your hard work and the positive and supportive emails that helped keep the deal afloat until completion. I look forward to working together on getting the project off the ground.”.