Pluto Finance close a residential development loan in Essex

Pluto Finance, a leading provider of property finance, is delighted to announce the successful closing of a residential development loan to support a new housing development, Felsted Gate, in northwest Essex. This facility reflects Pluto Finance’s commitment to helping developers address critical housing shortages across the country and follows successful loans to regional housebuilders closed late last year of £12m in Salcombe and £10 million in Somerset.

The client, Mulberry Homes, is a well-established housebuilder based in Northamptonshire, focusing on delivering schemes in the Midlands and the South-East.

Pluto have provided a revolving peak debt facility, allowing the borrower to minimise financing costs as well as providing flexibility to allow delivery to be sped up or slowed down. The structure underlines Pluto Finance’s expertise in the sector as well as the company’s commitment to established housebuilders and developers.

Simon Chapman, Pluto’s Lending Director, commented: “With a housing crisis across the UK but very specifically acute in the Southeast, and developers of all sizes under considerable pressure, we are delighted to support this project for Mulberry Homes. It will bring much needed housing supply to the local market, and we are confident that this new development will bring substantial benefits to the community.”

Jon Tate, Director of Mulberry Property Developments commented: “Felsted Gate is an important development for the locality and our business.

The facility provided by Pluto Finance will allow us to deliver these new homes and continue our expansion plans across Essex and the Southeast.

Simon and the Pluto team were the perfect partner to secure this type of finance. Their detailed knowledge and experience in the market means we now have a bespoke facility that helps us achieve our commercial goals.”