Pluto Finance has announced a £50m expansion into Wales, partnering with a major Welsh employer’s pension scheme to provide loans for new home constructions in 2025.
The focus will be on funding local housebuilders and developers to address housing shortages.
The Welsh operations will be initially managed by lending directors Jonathan Scott and Evan Griffin, with plans to hire a dedicated Welsh lending director in early 2025.
Scott 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.”
Griffin said: “We will be providing finance at up to 70% LTV with market leading pricing.
“With loan sizes ranging from £1m – £50m (and development finance starting at £3m upwards), we will be targeting in particular housebuilders that have outgrown their current lender.”
