Pluto Finance backs Salcombe scheme with multimillion-pound boost

Pluto Finance has completed a £7.8m development loan for Park Green to fund the build of 21 residential units in Salcombe.

The scheme will comprise one, two, three and four-bedroom apartments and houses.

It is being brought forward in a joint venture with Barwood Capital, which has been investing in UK developments since 2009 and will be a 50 per cent member of the borrowing entity.

The scheme has been designed to address a "chronic shortage of owner-occupied housing in the area". It is subject to a 'local and primary residence' restriction, which will help grow the community.

The £7.8m loan was funded through Pluto Finance's streamlined stretched development finance offering and enabled the developer to acquire the site "without the need for bridge lending and put in place construction finance at the same time".

Jonathan Scott, lending director at Pluto Finance, said: "We are delighted to be backing this exciting project in the South West. We take immense pride in being a client-focused finance provider and value the opportunity to work with a growing and thriving borrower like Park Green.

"We believe this new development will benefit the community."

Stephen Thompson, director at Park Green commented: "Having taken four years to negotiate a planning consent on this site, we were pleased to swiftly agree the funding with Pluto.

"We are looking forward to starting building after Easter and working with Pluto Finance."