Pluto backs ten resi developers

April 1, 2012
In the past six months, Pluto Finance has funded ten residential developers to build out projects in London and the south east – and is very actively seeking more to back.<br> <br> Developers are finding it difficult to get as much finding as they used to from lending banks. Pluto Finance Partner Chris Philp (pictured) says: "We are here to help any residential developer with a consented scheme who needs some additional money. We typically lend £1 million to £10 million per project as mezzanine debt, behind a senior lender. There are very few players in the market doing this – and we can move fast if you have a completion deadline looming on a new site."<br> <br> Ken Lake, md of Orchard Homes in Southampton said: "We used Pluto Finance alongside Barclays to fund 28 houses. Pluto Finance moved very quickly. I'd recommend them to any developer who wants to make their equity stretch across more projects."

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