Pluto Finance announces £50m expansion into Wales

Residential developers operating across Wales can access an additional £50m in lending to support the building of new homes in the country.

Pluto Finance, the specialist development and bridge lender, has announced a major expansion into Wales, targeting at least £50m of lending in 2025. Pluto is working with the pension scheme of one of Wales’ largest employers to provide capital that is ringfenced for deployment in Wales, with a focus on funding housebuilders and developers to deliver much needed local housing.

The region will be initially covered by Lending Directors Jonathan Scott and Evan Griffin, with the intention to hire a dedicated Welsh Lending Director early in 2025.

Jonathan Scott, Lending Director, commented: “We are delighted to expand our development lending programme to Wales, bringing Pluto’s excellent customer service and rapid turnaround. In England, 65% of Pluto’s lending is to repeat borrowers and over time we would expect that to be repeated in Wales.”

Evan Griffin, Lending Director, added: “We will be providing finance at up to 70% LTV with market leading pricing. With loan sizes ranging from £1m - £50m (and development finance starting at £3m upwards), we will be targeting in particular housebuilders that have outgrown their current lender.”