A specialist development and bridge lender has announced a major expansion into Wales, targeting at least £50 million of lending in 2025.
Pluto Finance 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 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, said:
“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 £1 million – £50 million and development finance starting at £3 million upwards, we will be targeting in particular housebuilders that have outgrown their current lender.”
Pluto Finance is a provider of finance for housebuilders, property developers, and investors. Since its inception in 2011, the company has provided more than £3 billion of lending across bridging and development finance with more than 10,000 new homes financed and delivered in the same period.
A principal lender, not an intermediary, investors include pension funds, insurers, and large global institutions and it is part-owned by the Universities Superannuation Scheme, the UK’s largest private sector pension scheme with over £80 billion assets under management.
