Pluto Finance has successfully closed a residential development loan to support a new housing development, Felsted Gate, in Essex.
Pluto Finance restated its commitment to helping developers address critical housing shortages across the country, following successful loans to regional housebuilders closed late last year of £12m in Salcombe and £10m in Somerset.
The client, Mulberry Homes, is a housebuilder based in Northamptonshire, focusing on delivering schemes in the Midlands and the South East.
Pluto 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.
Simon Chapman, lending director at Pluto, said: “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, added: “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.”
