Pluto Finance closes £10m development facility to fund the construction of a new 100-bed hotel in Loughton, Essex.

We're excited to announce the closing of a £10m development facility to fund the construction of a new 100-bed hotel in Loughton, Essex.

This project marks our first collaboration with the borrower, and we are delighted to support a developer with a fantastic track record. The new build hotel is pre-let to Travelodge on a 30-year lease, providing long-term value and stability to the local area.

Loughton is an area with strong growth potential and excellent connectivity, making it an ideal location for a new hotel that will cater to both business and leisure visitors. This deal showcases our commitment to financing high-quality commercial developments across the UK. It was a pleasure to work with Glovers to bring this transaction to a successful close.

Bertie Edwards-Hedges, lending manager, commented: “We are thrilled to have provided a development facility to support the delivery of this new 100-bed hotel. The Borrower has a great development track record and we are very pleased to have supported them on this first project together.”

We look forward to seeing this exciting hotel development take shape.