Pluto Finance Closes £12.5m Loan for PBSA Development in Leeds

Pluto Finance, a leading property finance provider, is pleased to announce the successful closing of a £12.5 million loan to support a new property development in Leeds, marking the third collaboration with repeat borrower Jerry Malik of Malik Holdings Ltd.

This funding package enables the purchase and planned redevelopment of Coverdale House, located in the vibrant centre of Leeds. The project will bring much-needed Purpose-Built Student Accommodation (PBSA) to the area, meeting the growing demand for high-quality, centrally location student housing.

The loan structure provided unique flexibility tailored to the borrower’s requirements. Initially, a bridge loan facilitated the acquisition of the asset, allowing the necessary time to secure PBSA planning consent. Upon approval, Pluto Finance transitioned the bridge loan into a development facility and released additional capital to enable the acquisition of another asset. This approach demonstrates Pluto Finance’s commitment to structuring deals that support our clients’ evolving needs and growth ambitions.

Evan Griffin, Lending Director for North, Midlands and Wales said “It’s fantastic to be working with Jerry and Malik Holdings for the third time at Pluto Finance, and the sixth time in my career. We’re excited to help bring this exceptional PBSA project to life in the heart of Leeds.”